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One of the most iconic locations in Mayfair, Grosvenor Street has sold one of its prime sites -– number 10 has been acquired by a Hong Kong real estate tycoon for £152 million. Number 10 Grosvenor Street is located in London’s West End, sitting beside many corporate offices and some of the city’s best arts, retail and hospitality offerings on nearby Bond Street and Mount Street.
Eugene O’Sullivan, London’s leading Chartered Surveyor explains; “Due to the depreciation of the pound post-Brexit referendum, there has been a huge influx of foreign investors, especially from Hong Kong and mainland China buying office blocks in London. Further to fiscal purposes, many affluent Chinese investors see London as a haven where they can successfully trade without much government interference. Moreover, the education sector benefits from the waves of Chinese students coming into the UK.”
Grosvenor acquired 50% of the asset in 2007 and purchased the remaining 50% in 2014 from Hammerson Plc. The building provides 65,000 sq ft of office space and was refurbished in 2016.
The long leasehold interest of the asset has now been sold to a buyer based in Hong Kong for £152 million, reflecting an initial yield of 3.7%.
Scott Rowland, the Fund Manager who led the sale negotiations, says; “This sale underpins the managers’ value add strategy of recent years, namely buying fundamental good buildings, undertaking refurbishments, re-letting and then selling.”
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.