Hong Kong investor buys 10 Grosvenor Street for £152m

By James Buckley - Wednesday, October 11, 2017 9:20

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Grosvenor Europe has completed the sale of 10 Grosvenor Street on behalf of Grosvenor London Office Fund (GLOF).

Ten Grosvenor Street is located at the eastern end of Grosvenor Street, in London’s West End. The building sits close to a range of corporate head offices and some of London’s best arts, retail and hospitality including Bond Street and Mount Street.

Grosvenor acquired 50% of the asset on behalf of GLOF in 2007 and purchased the remaining 50% in 2014 from Hammerson Plc. The building provides 65,000 sq ft of office space and was recently refurbished by Grosvenor in 2016.

The long lease hold interest of the asset was sold to a buyer based in Hong Kong for £152m, reflecting an initial yield of 3.7%.

Scott Rowland, the fund manager who led on the sale negotiations, said: “This sale underpins the manager’s value add strategy of recent years, namely buying fundamental good buildings undertaking refurbishments and re-letting and then selling. We are very proud of the asset we have produced and the returns we have delivered to the investors in GLOF.”

Grosvenor was advised by Knight Frank the buyer was advised by Michael Elliott.

jbuckley@costar.co.uk

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