Rent records possible in Mayfair

Oil giant Trafigura is said to be heading towards a deal that, if completed, will set a UK record for the highest rent paid. The company is based in the Netherlands and is the third-largest oil/precious metals trader in the world, and is currently located at Portman House on Portman Street. The company currently has 36 offices throughout the world, with over 1,300 employees in Europe.

It is hoping to rent the top two floors at 30 Berkeley Square in Mayfair, and the proposed rent is said to be over £140 per square foot, which is the current record, and has been for over seven years – set by Permal Investment Management Services for their lease of the top floor of 12 St James’s Square. 

The Singaporean company Temasek paid £130 per square foot in September 2013, the highest rent for six years, for the top two floors at 23 King Street, its new European headquarters.  

30 Berkeley Square is owned by Russian luxury goods group Mercury, who purchased the building last year, intending it to function as an art gallery. Phillips, the art auction house, is also owned by Mercury, and occupies the remainder of the building. 

The prime floors that are attracting interest at 30 Berkeley Square comprise a total of 13,000 square feet, with the upper floors boasting terraces; the potentially record-breaking rent is due to the desirable location and position of the building. The negotiations indicate that the confidence of investors is still strong in London’s property market. 

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.