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Following a huge two-year refurbishment project, Ocubis has put prime West End office 5 St James’s Square on sale for in excess of £75 million.
Originally a mansion built in the 1700s for William Wentworth, 2nd Earl of Strafford, the grade II listed freehold building comprises 16,183 sq ft net (22,761 sq ft gross) of office space and has achieved some of the top rents in London.
Savills and Capital Real Estate Partners have been appointed to find a buyer.
According to Matt Gresham, chief operating officer at Ocubis, “Following a two-year restoration and refurbishment programme, the building is now fully tenanted and income-producing… The exceptional level of interest for freeholds in St James’s Square has persuaded us to offer this unique asset to the market. We continue to seek opportunities where we can add value to existing buildings using our planning, refurbishment and leasing expertise.”
While head of global cross border investment at Savills, Rasheed Hassan, says: “The dynamics of today’s market are such that we are suffering from a major lack of truly prime assets available to buy, though at the same time there is an unabating appetite from investors across the world to acquire high quality real estate in London. 5 St James’s Square is a unique asset. It provides a buyer with a secure and diverse income stream, as well as offering an opportunity to own a piece of historic London.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.
Photo copyright Ethan Doyle White, CC BY-SA 2.0