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.
02/03/2016 13:38 by Buildington
Planning permission granted for:
Variation to Condition 1 of planning permission dated 14 December 2010 (RN: 10/08823) for extension of time for the commencement of listed building consent granted on 14 February 2008 (extant permission: RN: 07/04734); namely, demolition of rear wing of No. 33 Grosvenor Street. Internal alterations, erection of rear extension at basement, ground and four upper floors for office (Class B1) purposes; redevelopment of No. 2 Three Kings Yard to provide a three storey mews building to provide three residential flats (3x2 bed); namely to allow alterations to the courtyard elevation, increasing height of lift over-run and associated works.
Source: Westminster City Council www.westminster.gov.uk/planning
Ref. no. 13/04145/FULL
18/07/2013 10:28 by Buildington