Westbrook has sold Dolphin Square to Axa Investment Management for an undisclosed sum after protracted negotiations.

The sale should safeguard the future of the square as a residential oasis in central London and end any possibility of speculative redevelopment.

Axa Investment Management was established 30 years ago to manage the real estate assets of the long-established French-owned insurance group which has world-wide operations.

The sale brings to an end a long period of uncertainty for Dolphin Square tenants who have feared for the future of the square under Westbrook's redevelopment plans which were abandoned two weeks ago in the face of huge opposition.

Axa have stated that they intend to refurbish the square and maintain its historic ethos as an iconic building for long-term residential occupation. 

Under Westbrook's ownership, the building became heavily indebted and the owning company's accounts showed mortgage loans totalling more than £500 million.

The last accounts of the management company, Dolphin Square Limited, showed a massive shortfall of around £50 million. The purchase by Axa will end the financial uncertainty that Westbrook's situation caused for tenants.

We are glad that we appear to have reached a happy ending to our fight, SaveDolphinSquare, and we are grateful to all of you who assisted in our campaign.

In a Press release dated 16th September, 2020, Axa have said:-

AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real asset investments and the leading(1) real estate portfolio and asset manager in Europe, announces that it has entered the UK private rented residential market with the acquisition, on behalf of clients, of the iconic Dolphin Square in Pimlico, Central London, from Westbrook Partners. The neo-Georgian designed freehold asset is the largest single private residential complex in the UK, comprising 1,233 units on a 7.5 acre site.  The acquisition forms part of AXA IM - Real Assets’ wider strategy of seeking high quality residential assets supported by strong demographic drivers, which it can invest into for the long term, and adds to its c. €20 billion portfolio comprising various residential asset classes across 15 countries(2).

Dolphin Square is a London landmark with a rich history dating back to 1937, including having been the headquarters of General De Gaulle's Free French during World War II. The estate provides 795,990 sq ft of residential accommodation, commercial and amenity space spread across 13 individual houses centred around a 3.5 acre landscaped garden square. Of the 1,233 residential units, there are 165 serviced apartments, 80 corporate housing units and 186 affordable units, with a broad variety of apartment sizes on offer ranging from studio to five-bed.

The riverside estate comprises extensive retail and leisure facilities including a fitness club, swimming pool, spa, squash and tennis courts, and a convenience retail arcade. The entire complex is managed by an onsite management company, acquired as part of the transaction.

The estate stands in good condition but presents an opportunity for a wholesale refurbishment over the long-term to enhance its sustainability credentials and provide a modern environment for tenants to live and enjoy.

Dolphin Square holds a prime Central London location in Pimlico, Zone 1. Situated amongst some of London’s most prestigious neighbourhoods, Pimlico’s attractive regency architecture, plentiful green space and abundance of leisure and dining options have cemented the location as a highly desirable residential submarket. It also benefits from excellent connectivity with Pimlico Underground station just a four minute walk from Dolphin Square, connecting to London’s West End in under ten minutes and just one stop from London Victoria mainline station.

John O’Driscoll, European Head of Transactions at AXA IM - Real Assets, commented: “Through this transaction we have secured a rare opportunity to acquire a first class, large scale and iconic residential asset in one of London’s most sought after areas as a long term investment on behalf of clients. We are excited to be acquiring this asset and the potential that can be unlocked over the long term; London’s private rented market remains significantly undersupplied and, with over €20 billion invested into the sector globally, residential assets classes which are supported by structural demographical drivers remain one of our high conviction calls.”

Thank you once again for your support.

team@savedolphinsquare.com