Grosvenor to sell share of SW1 office rental in Belgravia for £105m
Grosvenor Estate has put its stake in 40 Grosvenor Place up for sale.
The Belgravia office rental was built in 1999 and is currently part owned by a Korean sovereign wealth fund.
Grosvenor is seeking £105m for its half share of the 150-year long lease on the SW1 office building. The blue-blooded property company manages real estate assets on behalf of the Duke of Westminster, with an extensive portfolio of luxury apartments in Belgravia and Mayfair office space.
The modern stone-fronted office building was designed by HOK International architects and overlooks the gardens of Buckingham Palace.
With excellent train connections from Victoria and good tube links to offices in the West End and the City of London, this prestigious location has attracted leading financial and consultancy firms to rent these SW1 office suites as their UK headquarters.
The SW1 office rental offers 229,995 sq ft of prime Belgravia office space which is let by six firms. BlueCrest Capital Management Capital International, LEK Consulting and EDF Energy are among the corporate occupiers renting executive office space on Grosvenor Place.
Together the combined rent roll generates £12.3m, equating to an annual rent of £61.53/sq ft. Once deductions for head lease payments have been made the co-landlords share a net income of £11.7m.
Having acquired a half-share for £85m from the Invista fund in 2009, the National Pension Fund of Korea will retain its investment in the asset.