The government has formally appointed Avison Young to find a buyer for a major redevelopment of one of the grandest buildings in Kensington Olympia, CoStar News can reveal.
Blythe House is a Grade II listed property which extends to over 370,000 square feet across five storeys. The sale of the building has been unlocked by government plans, first announced in 2015, for the Victoria & Albert Museum, Science Museum and British Museum to decant their archives and storage. The V&A is moving to Here East on the Stratford 2012 Olympic Games site, alongside a new museum. Blythe House will be completely emptied by December 2022.
The asset represents an opportunity for a major conversion and redevelopment of the building, which has a central courtyard space above sub-basement and basement levels, most likely as prime residential. There could also be a new building to the west of Blythe House, sources said. The deadline for bids is 15 September.
The property was constructed between 1899 and 1903 under Sir Henry Tanner in an Edwardian baroque style to provide the headquarters for the Post Office Savings Bank. It was subsequently bought by the government in 1979 for storage and conservation workshops. This space has been occupied by the British Museum, The Science Museum and the Victoria & Albert Museum with vacant possession expected in 2024.
The building is located on Blythe Road in Kensington Olympia, adjacent to the Olympia London redevelopment which, which when completed at the end of 2024 will include a luxury lifestyle hotel with 204 rooms managed by Hyatt hotels, a 146 room citizenM hotel, a 4,400-capacity live music venue above the existing Olypmia, a 1,600 seat theatre a jazz-club style restaurant and co-working spaces designed for creatives and media companies and over 20 cafes, bars and restaurants in a sky garden with views across London.
The site is bound by Blythe Road to the north, a Grade II-listed Post Office and delivery office building to the east, and residential properties adjoining the southern and western boundaries. The surrounding area comprises a mix of uses including residential, commercial, leisure and retail and is close to a number of parks, green spaces and leisure facilities including Brook Green, Holland Park, Queens, Club, Kensington Gardens and Hyde Park.
The building was originally designed as an office and is surrounded by a varied mix of uses including residential, commercial and retail.
A number of pre-app meetings were held with London Borough of Fulham and Hammersmith and the Greater London Authority to consider feasibility work prepared by Piercy & Co. Neither authority would seek to protect the current use of the land, both recognise that on vacation there are a number of possible alternative uses that could be accommodated across the site, and both would consider opportunities for new build elements such as a one storey extension across the southern and central ranges and the development of a new western wing subject to appropriate impact assessments being undertaken.
Barney Hillsdon, principal, managing director - Land & Development, Avison Young, said: “This is an exceptional opportunity to acquire and redevelop an iconic Grade II Listed property within central London. The building provides incredible scope to deliver a landmark destination, with huge potential to enhance and maximise the scheme through additional new build development. We have already experienced extremely strong demand for the site and expect a competitive bidding process.“