Principle wins contract to manage old silk warehouse in central London

A former warehouse for exotic silks and textiles that’s now used as a restaurant and wine bar with 14 apartments above is to be looked after by Principle Estate Management.

The Tapestry Building at 16 New Street, opposite Liverpool Street Station in London, was formerly known as the Old Bengal Warehouse, and dates back to the 18th century.

The property is part of the landmark Devonshire Square development, a collection of historic buildings that now forms a popular social, trading and residential development.

The high-profile new contract has come from Simarc Property Management Ltd, the expanding management arm of the Wallace Group, which now owns 106,000 leasehold properties.

Simarc has already appointed Principle Estate Management to manage multiple developments, including hundreds of flats in London, the West Midlands and south England.

The new contract comes after unhappy residents requested new management for the building.

Natalie Chambers, director at Simarc, said: “We wanted an independent agent with flexibility and wide a ranging skillset to look after buildings like this for us and our leaseholders.

“Due to the circumstances, this one is moving at very short notice and we know that Principle will be able to get mobilised quickly, making contact with all relevant parties.

“We know from our existing relationship with Principle that they take their role seriously and will get quality resolution to issues quickly and efficiently.”

Brett Williams, managing director of Principle, said: “This is a special building which has a complicated management structure and we were appointed because of our experience in high value, mixed tenure and mixed use buildings.

“I met with a residents’ working group prior to appointment and we are already dealing with a number of inherited issues which require resolution via detailed liaison between residents, the freeholder and their agent.

“Taking over historical buildings is becoming a bit of a theme for us, as they need special attention and an individual approach.

“I became a surveyor because I loved buildings from an early age, and while most of my work is actually dealing with people rather than buildings, there are some that make you feel proud to be associated with and The Tapestry Building is certainly one of them.”