In Whitehall, a heritage address courts Asia’s most exacting buyers

At The OWO Residences by Raffles, a rare convergence of history, prestige and service draws Asian wealth to central London

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The OWO in Whitehall, London, a historic former government building, is now home to Raffles London and The OWO Residences.

Published: 12:00am, 19 May 2025

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Ultra-wealthy buyers from Asia, whether property magnates, tech entrepreneurs or family offices, have long been active participants in London’s prime residential market. But few opportunities, even for this discerning cohort of buyers, match the rarity of The OWO Residences by Raffles.

Housed within the former Old War Office on Whitehall, once the preserve of Churchill and T. E. Lawrence, the scheme offers 85 bespoke residences next to a five-star Raffles hotel. Its appeal lies not only in its prime location and architectural grandeur but in the convergence of imperial heritage, branded service and enduring value.

The central courtyard at The OWO boasts one of the nine restaurants at The OWO, which both hotel guests and residents can enjoy.

“There will only ever be one Old War Office, and only one Raffles London,” says Mark Elliott, head of Savills International Realty in Hong Kong. “No other scheme compares in terms of build quality, beauty and location.”

“There will only ever be one Old War Office, and only one Raffles London. No other scheme compares in terms of build quality, beauty and location,” says Mark Elliott, head of Savills International Realty in Hong Kong, on the OWO’s appeal.

At entry prices of roughly £4mn for a one-bed and £8-10mn for larger family homes, the residences sit firmly in London’s “super-prime” bracket. Elliott regards the premium as defensible: comparables near Hyde Park may share leafy views, but they lack the gravitas of a Grade II* listed palazzo abutting Horse Guards Parade, within strolling distance of Buckingham Palace.

“It isn’t the Churchill connection that closes deals,” he concedes. “Clients buy because of where it is, what it is, and the level of finish we’re delivering. It’s like buying a Monet or a Picasso,” he muses. “You’re acquiring a slice of history that will be handed down through generations.” The pitch is resonating with Asian capital that increasingly prizes “wealth-preservation generational purchases”.

Completed in 1906, the War Office served as a strategic command during both world wars and later housed the Ministry of Defence. Its commanding position on Whitehall – between Downing Street and Buckingham Palace – adds geopolitical weight to its architectural gravitas.

Following a £1bn+ restoration led by Westminster Development Services, the building now incorporates nine restaurants, three bars, a Guerlain spa and 30,000 sq ft of residents-only amenities, all anchored by Raffles’ first UK hotel.

“It’s the history and the heritage of the building, the five-star service and the amenity offering that Raffles brings, and the separation between the hotel and the residences,” says Charlie Walsh, who leads residential sales and marketing for the developer. Each of the 85 apartments is individually designed, with no repeated layouts. Each apartment is a completely different size and configuration.”

Charlie Walsh, head of residential sales and marketing at Westminster Development Services, says buyers view their purchase at The OWO as a generational asset, describing it as “a wealth-preservation purchase that will be handed down”.

Buyers are granted a level of privacy that Walsh says is key for high-net-worth clients. “Residents come through a different entrance,” he explains. “They have their own set of amenities that are private and separate from the hotel and the restaurants.”

The buyer profile is not speculative. “Most people are buying these as wealth-preservation, generational purchases,” says Walsh. “They’re buying it because they want to pass it on.” Elliott concurs: “Eighty per cent of people that are buying there already have a link to the UK,” he says. “It’s not people who are randomly speculating on the UK market.

For those looking to let, the returns are notable. “We’re seeing lettings at 4 to 5 per cent [in terms of gross rental yield],” says Elliott. “That is a huge amount of money on an £8 million apartment.” Walsh adds that short-term rentals are not permitted. “We’ve implemented a six-month minimum lease, so we’re not a transient Airbnb building. We want to maintain privacy and security for our residents.”

They see three distinct attitudes from Asian markets. “Hong Kong buyers tend to be more focused on the upside,” Walsh explains. “They are a bit more investment driven. The Singapore buyers are more wealth-preservation-driven.” Mainland Chinese clients, he adds, “see it a little bit like an art investment, something to hold on to, that will retain its value over the long term.”

The Grand Staircase at The OWO is a restored centrepiece of the former War Office, now a striking architectural feature of Raffles London.

Sterling’s depreciation has played a notable role in attracting interest, according to Walsh and Elliott. “It’s around 42 per cent cheaper for a dollar-based buyer than it was in 2014,” says Walsh.

“When I first arrived here [Hong Kong in 2008], it was 16 Hong Kong dollars to the pound. It’s now 10 or 12. So you’ve already got a 40 per cent-plus foreign exchange gain. That’s a very good time to be buying something if your capital is in US dollars,” says Elliott, who has been heading up Savills International Realty in Hong Kong since 2018.

Walsh believes it is the Raffles brand that clinches many sales. “If you’re living in Hong Kong and you're flying to London, you can call ahead, ask for the fridge to be stocked, the beds to be made, the heating to be turned on – and Raffles will do it all for you,” he says.

“You can’t replicate this,” he adds. “You can’t replicate the architecture, you can’t replicate the history, and you can’t replicate the service offering that Raffles brings. That’s what makes it unique.”

The sales approach is targeted. “We’re doing roadshows and events, but they’re private, invitation-only dinners,” says Elliott. “It’s discreet, it’s exclusive, it’s luxury. Prospective clients are often flown to London for a trial stay at Raffles before making a decision.”

“For the global super-rich, it's about having a London base, something to use that reflects your identity and values. Indeed, London is, and has always been, the billionaire's preferred European residence,” he says.

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