It will become the last asset of their joint venture (The Great Capital Partnership) to be sold.
The 129,500 sq ft block of offices in the West End is held on a long leasehold basis and is situated on a 2.4 acre site just north of Oxford Street. The property includes a Georgian terrace and is situated on a 2.4-acre site.
The property was designed in 1811 by architect John Nash for friends and family of the Prince Regent. World War II saw the buildings partly destroyed but they were rebuilt during the 1960’s. Office and residential accommodate was added to the restored facades.
These W1 offices are expected to attract buyers that may be interested to restore them to their original residential use. There is possibility for significant redevelopment to provide updated offices to let in W1, due to the damage to the original buildings during the war.
Rob Tudor, partner at Tudor Toone, said: “This is a unique opportunity to buy a site that could once again become one of London’s most sought after addresses. We are confident that we can find a buyer with the vision to realise the potential of this prestigious site.”
GPE and Capco were reported earlier in the year to bring to market the three remaining assets in their Great Capital Partnership joint venture which are all prime West End offices estimated to hold a value of more than £200m, just ahead of the winding up of the partnership over the next two years. The remaining assets were Park Crescent West in addition to 100 Regent Street/33 Glasshouse Street and Regent Arcade House. Two other assets were sold a week ago.
In 2007, the joint venture comprised of over 850,000 sq ft of prime West End assets, valued close to £460m which were producing a net rental income of £21.1m million per annum. Capco has been looking to recycle capital from its assets to put back into its core scheme at Earls Court and Covent Garden.