Barrett to expand in UK after paying €25m for Bow Street

UKInvestments: The recent purchase of London's historic Bow Street police station and magistrates' court in Covent Garden marks the debut in the UK property market by Edward Holdings, the Galway-based property and investment company.

The firm's successful tender bid of around €25 million is the first of a selective portfolio of property investments in the UK.

Managing director Gerry Barrett does not rule out the possibility of converting the landmark Bow Street building into a hotel with some element of chic retail use. The company is "all the time looking for that little gem", he said yesterday. "We see heritage as a plus rather than a negative. We are only interested in something unusual - not just building for buildings sake. The more complex, the better."

Edward Holdings has a strong track record in working with heritage buildings, with the restoration and conversion of Kirwan's Lane and Edward Square in Galwayinto apartments and shops among earlier projects. Gerry Barrett is also the developer behind Edward Square in Donnybrook, Dublin 4, a former Quaker hospital which was transformed into €1 million-plus houses and apartments. His company is also redeveloping University Hall on Hatch Street, Dublin 2, and building a major shopping and residential development in Drogheda.

Bow Street's unique history will be respected during the building's redevelopment, promises Barrett. "Edward Holdings is fully aware of the architectural and historical significance of the buildings in Bow Street and is committed to their sympathetic redevelopment. We will be looking at various options for the building over the coming months and undertaking a feasibility study in order to determine the most appropriate way forward.

"Bow Street police station has stood empty since 1992 and the magistrates' court is also in need of investment. Our aim is to give these buildings the new lease of life that they clearly deserve."

Preliminary discussions have taken place with English Heritage and Westminster Council regarding a conservation-based approach to redevelopment of Bow Street. Edward Holdings will consult with key local stakeholders before lodging a planning application later this year.

Bow Street's history dates back to the formation in 1754 of the Bow Street Runners, the model for the first modern police force.