Covent Garden could go flat


The new owner of Covent Garden’s tallest building could convert the commercial property into residential flats, Property Week has reported.

Achilleas Kallakis’s Atlas Group paid £78 million for the Orion House office building at Upper St Martin’s Lane.

Kallakis has previously converted similar purchases and his Pacific Group is waiting to receive planning permission on a separate commercial property in London.

It hopes to convert an office block into residential flats – the development would create six luxury apartments at 8 St James’s Square.

According to Property Week, the group is expecting the result of its proposal tonight – if successful it will go ahead with the work and Mr Kallakis is understood to want to sell the penthouse flat at 5,000 sq ft.

Commercial property investors are looking at diverse portfolios, which include retail outlets, residential developments and new city offices in London.