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Grosvenor completes sale of 10 Grosvenor Street to HK investor for £152m

10 Grosvenor Street
Grosvenor Europe has completed the sale of 10 Grosvenor Street on behalf of Grosvenor London Office Fund (GLOF). The long lease hold interest of the asset was sold to a buyer based in Hong Kong for a price of approximately £152m (c. €169m) reflecting an initial yield of 3.7%.

„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“, commented Scott Rowland, the fund manager who led on the sale negotiations.

10 Grosvenor Street is located at the eastern end of Grosvenor Street, in the heart of London's West End. The building is in close proximity to a diverse 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 [we reported]. The building provides approximately 65,000 sq ft of high quality modern office space and was recently refurbished by Grosvenor in 2016. The building is let to a number of high quality tenants. In September H.I.G. Capital announced, that its UK affiliate has relocated to new offices in London, located at 10 Grosvenor Street. The company has signed 17,000 sq ft office space.

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