German property investor Caleus has acquired 19-24 Dering Street from Legal & General for around £60 million.
The 7-storey building opposite Crossrail Elizabeth Line entrance comprises 34,431 sq ft of office, gallery and leisure accommodation.
The building has a current passing rent of £2.1 million per annum, reflecting just £61.25 per sq ft. The site has an opportunity for a full redevelopment following the block date in July 2024.
Anthony Golosetti, Managing Partner at Caleus, commented: “At Caleus our DNA is in strategic investments in well-connected office locations where we can create high-quality sustainable assets for communities. London is the main focus of our outbound investment strategy and we intend to accelerate our pace of acquisition in the city. Dering Street is a great canvas to deliver a best in class, ESG-centric asset where the quality of design matches the strength of the location.”
James Purdon, Central London investment director at Savills, which advised Caleus, said: “This is one of the very last value-add opportunities in the much-coveted Hanover Square vicinity; our client’s strategy is to deliver exceptional buildings in the best locations; this project aligns entirely with that aim.”
Savills represented Caleus. JLL advised Legal & General.