Wembley Success For Infinity-Managed Merlin II Fund

A prime commercial site near Wembley Stadium has been acquired for redevelopment by a fund managed by Infinity.

Merlin II has bought Empire House, a three-storey building totalling just over 17,000 sq ft which is currently operated as serviced offices and a restaurant.

Empire House will be converted and extended to comprise a ground-floor commercial unit with apartments on the first and second storeys. The addition of a third and fourth storey will give the building a total of 38 one, two and three-bedroom apartments.

The apartment prices are expected to range from £240,000 for a studio flat to £650,000 for three bedrooms.

Empire House is the fifth development for the Merlin II fund. The investment period is expected to be two years and to yield a project IRR of 18 per cent.

The area around Wembley Stadium and the SSE Arena is undergoing a £3bn regeneration by property developer Quintain.

Spanning 85 acres, it is one of the largest regeneration projects in Europe and will create one of London’s most up-and-coming residential areas.

Infinity partner Daniel Finestein said: “We are delighted to have assisted Merlin II on its latest acquisition, which we expect will yield a strong return for investors. Wembley is being transformed and the new-look Empire House will be a welcome feature of the area’s rejuvenation.”

“We continue to work on other projects with Merlin and look forward to having more news to announce in the coming months.”