London’s ultra-luxury branded residence, OWO Residences by Raffles, has sold half of its units, two years after the project was completed. The 85-unit apartment project is named after the Old War Office building in which it is situated.
The Old War Office is a restored seven-storey building located along Whitehall in Central London, and it served as the nerve centre for British military command for over a century.
The site was acquired by a joint venture between the international conglomerate Hinduja Group and the global infrastructure group OHL in 2015 for approximately GBP350 million on a 250-year lease. The partners then converted the office building into luxury apartments and the first Raffles hotel in London. The site is situated in central London, known for its proximity to government buildings and iconic landmarks.
The luxury-branded residence is linked to Raffles London, a 120-key five-star hotel. OWO Residences is the only Raffles-branded residential development in Europe. Other Raffles-branded homes are located in Saudi Arabia, China, the US, Indonesia and the Philippines.
To date, the average price of the units sold so far is approximately GBP5,500 psf ($9,530 psf), says Charlie Walsh, head of residential sales and marketing at London-based development firm Westminster Development Services.
Units at OWO Residences range from one- to five-bedroom apartments of 900 sq ft to 4,101 sq ft. The 900 sq ft one-bedroom units are priced from GBP4 million, two-bedroom units of 1,800 sq ft are priced from GBP8 million, while three-bedroom units of approximately 2,500 sq ft have a GBP10 million price tag.
Meanwhile, the larger-sized units, such as the 3,122 sq ft four-bedder, come with a starting price of GBP17.4 million, and the 4,101 sq ft five-bedroom units are priced from GBP35 million.
The South Turret Residence is one of two Turret Residences, each featuring a private three-storey tower (Photo: The OWO Residences)
In addition to the typical simplex units, OWO Residences also offers duplex apartments. The Turret Residences are a pair of four-bedroom duplex units that feature a private three-storey tower commanding a bird’s eye view of the surrounding area. These units are located on the North and South rooftop corners of the building, spanning the fifth and sixth floors.
All four bedrooms are located on the lower level, along with an outdoor terrace leading to the tower. The upper level houses the main living areas, including a kitchen, a formal dining room, a study and a reception room.
The VIP reception lounge of The OWO Residences (Photo: The OWO Residences)
Attracting international buyers
The direct connection to Raffles London means that residents of OWO Residences enjoy the distinctive hospitality services of the Raffles London. Some of the resident services include room cleaning, laundry, valet, concierge and turn-down services.
This has been an attractive selling point for many international buyers, says Walsh.“They love the convenience of having everything taken care of once they touch down in London. With a simple phone call, their sheets are changed, their fridge is stocked, their dinner is ready, and they can get straight to business.”
He adds that a third of the buyers so far are British locals, with another third hailing from the US. The remaining buyers are from Asia, including Singapore, Malaysia, Hong Kong and Mainland China.
Another attribute of the property that resonated with buyers was the level of privacy afforded to residents. In terms of layout, the branded residential units are located in a separate wing of the property, away from the hotel, ensuring that residents maintain a high level of privacy and security.
“Many of our buyers are very wealthy individuals. Some are quite famous household names,” says Walsh. “They love that they can travel in and out in a very discreet manner”.
A side entrance used by spies to entering the building now leads into The OWO Residences (Photo: The OWO Residences)
Going a step further to maintain the anonymity of their owners, the OWO Residences houses a separate set of amenities from the hotel. It includes a reception lobby, a combined gym and spa, a boardroom, a garden, a movie theatre and a reading room.
However, the separation of amenities still allows residents to utilise the hotel’s extensive facilities. The largest of which is the Guerlain Spa, which occupies 27,000 sq ft across four basement floors. In addition to an assortment of beauty and wellness treatments, the spa’s facilities include a 20m swimming pool, a vitality pool and thermal suites with steam rooms and saunas.
The Guerlain Spa occupies about 27,000 sq ft across four basement floors (Photo: The OWO Residences)
The Raffles London also houses nine restaurants and three bars, including Saison by three-Michelin-starred chef Mauro Colagreco, which offers Mediterranean cuisine and the Japanese-inspired rooftop restaurant Kioku by Endo.
Taking seasonal pricing into account, the average rate for a standard room at the hotel is approximately GBP1,000 per night.
The prices at The OWO Residences and Raffles London reflect the historical value of redeveloped heritage assets, says Walsh. He adds: “Developers like to create a backstory or tap into a building’s history to market a property. The beauty of the Old War Office is that we almost had too much history that appealed to buyers.”
The site served as the headquarters for top brass in the British military from 1906 until it was designated as a protected site in 2007.
During the Second World War, the building served as the headquarters for both political and military leaders. Wartime premier Winston Churchill famously directed the British war effort from the premises throughout the conflict.
Raffles London also draws on the building’s storied past with five heritage suites that honour notable former occupants. Among them are two suites that once served as the offices of Churchill and Christine Granville, the Polish aristocrat and Special Operations Executive agent famously known as “Churchill’s favourite spy”.
Winston Churchill’s offices has been converted into a historic suite (Photo: Raffles London)
This rich history of espionage continued to resonate in popular culture. British author Ian Fleming, creator of the James Bond novels, drew inspiration from the building that once housed the headquarters of the UK’s foreign intelligence service, the Secret Intelligence Service (MI6). The property later appeared in several Bond films.
Following its 2015 acquisition of the Old War Office building, the Hinduja Group began restoration and asset enhancement works at the site. The Hinduja family controls the group, cited by London-based media as one of the UK’s richest families. They are also one of the largest investors of Westminster Development Services, the development management firm overseeing the works.
The OWO Residences houses a separate set of amenities from the hotel including a private movie theatre (Photo: The OWO Residences)
Preserving the heritage
As a Grade II listed building, a status given to buildings of significance to London’s history, great care was taken to preserve the building’s character and external façade, similar to how conservation properties are treated in Singapore. The building’s original external windows were preserved, as were its exterior ornate rooftop sculptures.
Internally, several elements of the building were also conserved, including much of the building’s original mosaic flooring, its ornate fireplaces and the grand staircase.
The Grand Staircase is located near the entrance lobby of Raffles London (Photo: The OWO Residences)
“Based in London for the past 40 years, the Hinduja family saw an opportunity to leave a legacy for future generations to enjoy”, says Walsh, who works directly for the family.
Working within the confines of the building’s listed status also meant that much of the building’s original layout, comprising 1,100 office rooms, needed to be preserved. This resulted in each residential unit at The OWO Residences having a unique layout, size and design.
“This individuality has proved to be a hugely appealing factor among buyers,” adds Walsh. “It’s like a Monet painting or a rare Patek Philippe watch. It’s a collectible that allows people to say that they own a piece of history. There’s only ever one of these units on the market.”
The restoration works increased the internal area of the war building by approximately 50%, expanding it from 490,000 sq ft to around 760,000 sq ft. This included the excavation of four new basement levels, bringing the total to six and the addition of three new upper floors, creating a total of eight storeys above ground. Altogether, the restoration and renovation took six years to complete.
The OWO Residences houses a separate set of amenities from the hotel including a combined gym and spa (Photo: The OWO Residences)
Royal neighbourhood
The Old War Office building stands directly opposite 10 Downing Street, the official residence and workplace of the British Prime Minister. It is also within walking distance of both Buckingham Palace and St. James’s Palace, the London residence of several members of the royal family.
“It is probably one of the most secure and historically rich areas of London,” says Walsh. “When the current monarch, King Charles III, was crowned in 2022, his royal carriage came down right past the building.”
The location holds strong appeal for international buyers, particularly those with children studying in London or working in central London’s professional sectors, notes Walsh. Its blend of significance, security and access to green spaces, including the nearby 57-hectare St James’s Park, makes it a highly sought-after address.
The property is also conveniently located near several major transportation hubs, including Charing Cross Station, Piccadilly Circus Station and St. James’s Park Station.
