The 11,437 sq ft property is to be sub-let on a 10 year occupational lease to the Floreat Group and will form the group's new London headquarters. The property has been substantially redeveloped by Grosvenor, restoring the building’s heritage aspects to an exceptional standard, resulting in highly attractive grade A office accommodation in the heart of Mayfair. Grosvenor will retain the freehold of 33 Grosvenor Street as part of its 300 acre London estate in Mayfair and Belgravia.
Clive Thomas, Managing Director of Floreat Real Estate said: “We are pleased to complete this transaction as the building is a world class asset with good income generation and, considering its location and quality, long term value appreciation.”
Craig McWilliam, Executive Director, London Estate at Grosvenor Britain & Ireland said: “It is great to attract Floreat Group to this part of the West End. Sale proceeds will be reinvested back into our London estate. Mayfair is undergoing a transformation ahead of the new Elizabeth Line opening in 2018, with improved public areas and the opening of some of London’s best new galleries, shops and hospitality. This is helping to grow the West End and enhance London’s reputation as a world city.”
Savills acted on behalf of Floreat Real Estate and Knight Frank on behalf of Grosvenor.
33 Grosvenor Street is a short walk from Bond Street station which from 2018 will benefit from the arrival of Crossrail, recently renamed the Elizabeth Line.
According to Knight Frank, office availability in the West End has fallen from 4.1 million sq ft at the start of 2015 to 3.2 million sq ft in Q4 2015. This represents a vacancy rate of 3.4%, the lowest level since 1989.
For more information contact:
Hamish McDougall, Press Office
020 7312 6479
Notes to Editors
Grosvenor Britain & Ireland
GBI’s mission is to create and recreate inspiring places and neighbourhoods, delivering value for customers, shareholders and co-investors with its place-making expertise.
It owns, develops and manages a diverse property portfolio in cities across Britain and Ireland. Business units are focused on its London estate - 300 acres of Mayfair and Belgravia in the heart of the UK’s capital - and developments elsewhere in London, Edinburgh, Liverpool, Oxford, Cambridge and Southampton. As at 31 December 2014, GBI had £5.2bn of assets under management.
About Floreat Real Estate Limited
Floreat Real Estate Limited is part of the Floreat Group. It is the investment advisor to the Real Assets (RA) Global Opportunity Fund I Limited, which primarily invests in core income producing assets and value add opportunities in the UK and Germany. This is the ninth investment by the Fund since its inception in 2014.
Floreat Group is a privately-held, London-based independent financial group, with investments in real estate, private equity, public equities and providing debt.