Partner Article

AshbyCapital acquires 50% stake in new Estée Lauder headquarters

London-based property developers AshbyCapital has acquired a 50% stake in Fitzroy Place, Fitzrovia in the West End for £217.1m.

The deal sees the developers acquire the stake in the development, which consists of 1 and 2 Fitzroy Play, from Icelandic investors Kaupthing, while Aviva Investors retain their own 50% share.

Consisting of 221,530 sq ft of office space and 19,700 sq ft of retail space, the development also has a 9,620 sq ft healthcare unit currently let to UCL Hospitals NHS Foundation Trust along with 235 luxury residential units and 54 affordable homes.

Notably, French cosmetics business Estée Lauder has made the 150,000 sq ft building at 1 Fitzroy Place its new UK head offices, while eight other tenants have let out the rest of the office space.

Peter Ferrari, Chief Executive at AshbyCapital, commented: “The quality of Fitzroy Place, combined with the rarity of a scheme of this scale in such a desirable West End location, makes this an attractive proposition.

“With The West End Project – a new £40m public realm investment – now underway, and The Elizabeth Line and the £1bn transformation of Tottenham Court Road Station set to make this one of London’s busiest transport hubs, we are hugely excited about the future of this area.

“We are also very pleased to be partnering with Aviva, one of the UK’s strongest financial institutions.”

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