Estate Agent West Hampstead, London NW6 - from Sunday Times - 17th November
1993
Property investor buys up block of Hampstead bedsits
An ISRAELI investor has bought a £1 million-plus block of bedsits in Hampstead. The building, Fitzjohns Avenue, has been in receivership and on the market for two years. The long-term plans are to redevelop the site and the new owner expects to receive an annual income of around £200,000 on this investment, said Mark Greig of agents Paramount Properties.
The building, which had been repossessed by a Dutch based bank, currently has 48 rooms and 10 garages. "There is no bigger building sold in terms of its resale value," said Mr Greig "We acquired it for an Israeli investor who is looking to spend £10 million.
"The property is going to be redeveloped and it will produce a very high income of something like £200,000 per annum. But it will stay as bedsits for the time being.
"They might look at redeveloping the site overall but at the moment to produce its maximum income."
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