Catella APAM (“APAM”), the specialist UK real estate asset manager, has successfully sold 54-58 Caledonian Road, Kings Cross, London, N1 9DP for £3.325M with vacant possession. The building was originally a hostel property and sits in the heart of Kings Cross, totalling 6,039 sq ft across 4 floors.
APAM were appointed as asset manager in 2016 when the asset was put into receivership by the lending bank, Dunbar Assets. APAM secured hostel operators for the property before preparing it as a future redevelopment opportunity on behalf of the new international investors. The property was marketed and sold through online marketing agents Singer Vielle.
Rhys Williams, Senior Asset Manager, at APAM commented on the sale: “We are delighted to have successfully sold this asset on behalf of our client in a challenging market environment for the leisure industry. It is particularly pleasing to have completed the sale on APAM’s 10-year anniversary.