Grosvenor Britain & Ireland has sold 20 Grosvenor Street on a 125 year lease for £96m to a client of the Shaftesbury Asset Management Group.
Grosvenor plans to recycle sale proceeds back into its long term £1bn London estate development pipeline.
Craig McWilliam, Executive Director, London estate at Grosvenor Britain & Ireland said: “The proceeds from 20 Grosvenor Street will help us continue to invest in our London estate, ensuring it both thrives and flourishes as a place to live, work and visit in the heart of London’s West End.”
The Shaftesbury Asset Management Group is an independent fund and asset management group headquartered in Luxembourg (including a regulated AIFM affiliate) and has platforms in Germany, France, Spain and Switzerland. The Group’s total assets under management currently exceed £1.2bn, on behalf of both institutional and private clients. It is at present seeking to acquire further real estate investments to a value in excess of a £800m in Spain, Portugal, France, Switzerland, Germany and the UK.
Knight Frank advised Grosvenor.
14/06/2016 09:30 by Buildington
Grosvenor is marketing a 125-year leasehold interest on the newly redeveloped office and retail building at 20 Grosvenor Street.
The best-in-class office was let to KPMG in 2014 on a 15-year lease. The building also includes two retail units, comprising The Refinery barber and spa and a café. Grosvenor intends to recycle sale proceeds back into its London estate, which has a £1bn long-term development pipeline underway.
20 Grosvenor Street is a short walk from Bond Street, Oxford Circus and Green Park stations and will benefit from the arrival of Crossrail at Bond Street from 2018. It sits centrally in Grosvenor’s Mayfair estate, which is undergoing a transformation through revamped public spaces and new shops, galleries, hotels and restaurants, including the world-renown Gagosian Gallery, which opened in Grosvenor Hill last October and the Beaumont hotel, which opened in Brown Hart Gardens in late 2014.
Craig McWilliam, Executive Director, London Estate at Grosvenor Britain & Ireland said: “We intend to use the proceeds from 20 Grosvenor Street to continue Mayfair’s evolution, investing in projects which enhance the area as a great place to live, work and visit. 20 Grosvenor Street is a very attractive office building. It demonstrates Grosvenor’s ability to transform outmoded heritage buildings into beautiful, functional office and retail space suitable for world-leading businesses. Successful developments like 20 Grosvenor Street help to maintain and enhance the West End’s contribution to London’s economy.”
The redevelopment of 20 Grosvenor Street completed last year and was designed by award-winning architects Flanagan Lawrence. It amalgamated numbers 18 and 20 Grosvenor Street, originally built in 1725, to create grade A office accommodation over six floors, together with two retail units on ground and lower ground level. Grosvenor will retain the building’s freehold as part of its 300 acre London estate in Mayfair and Belgravia.
Office availability in the West End has fallen from 4.1 million sq ft at the start of 2015 to 3.2 million sq ft in Q4 2015. This represents a vacancy rate of 3.4%, the lowest level since 1989.
Knight Frank is advising Grosvenor.
17/02/2016 18:11 by Buildington
New planning application sumbitted for:
Amendments to planning permission dated 14 July 2011 (RN:11/01530) for variation to Condition 19 of planning permission dated 24.9.10 ( RN:10/05563) for an extension of time for the commencement of development granted planning permission on 26.1.09 (extant permission RN: 08/09076), for demolition of 19-20 Grosvenor Street and part of 18 Grosvenor Street and redevelopment of site to provide new building comprising Class A1 retail on part ground floor and lower ground floors and Class B1 offices on remainder of ground and lower ground floors and whole of five upper storeys, installation of roof level and basement plant and creation of servicing area on lower ground with access from Brook's Mews [site includes Nos. 18-20 Brook's Mews]; namely, changes including the redesign of the Grosvenor Street facade, redesigned office entrance, changes to the ground floor level of Brook's Mews, increase in size of the retail unit and changes to the cycle parking, loading, refuse/recycling area and the eastern and western lightwell; namely for proposed changes to renewable energy requirements in redevelopment scheme.
Source: Westminster City Council Weekly Planning List
Ref no: 12/08333/NMA Date received: 17.08.2012
More info: www.westminster.gov.uk/planning
15/09/2012 23:10 by Buildington