The 125-year long leasehold interest in 33 Grosvenor Street has been sold to the Real Assets (RA) Global Opportunity Fund I Limited, reports Grosvenor. The Fund is advised by Floreat Real Estate Limited, part of the Floreat Group.
The 11,437 sq ft property is to be sub-let on a 10-year occupational lease to the Floreat Group and will form the group's new London headquarters. The property has been substantially redeveloped by Grosvenor, restoring the building’s heritage aspects to an exceptional standard, resulting in highly attractive grade A office accommodation in the heart of Mayfair. Grosvenor will retain the freehold of 33 Grosvenor Street as part of its 300 acre London estate in Mayfair and Belgravia.
Clive Thomas, Managing Director of Floreat Real Estate said: “We are pleased to complete this transaction as the building is a world class asset with good income generation and, considering its location and quality, long term value appreciation.”
Craig McWilliam, Executive Director, London Estate at Grosvenor Britain & Ireland said: “It is great to attract Floreat Group to this part of the West End. Sale proceeds will be reinvested back into our London estate. Mayfair is undergoing a transformation ahead of the new Elizabeth Line opening in 2018, with improved public areas and the opening of some of London’s best new galleries, shops and hospitality. This is helping to grow the West End and enhance London’s reputation as a world city.”
Savills acted on behalf of Floreat Real Estate and Knight Frank on behalf of Grosvenor.