Ærium, the European real estate fund manager, has completed the purchase of 49 & 50-51 Conduit St, 24 & 24A Savile Row in a joint venture partnership with Terrace Hill Group plc. The asset was acquired from real estate fund managers PRUPIM.
The property comprises two separate buildings totaling around 1,100 m², which offers significant redevelopment opportunities for a new enlarged scheme. The deal represents Ærium's second London development funding acquisition and follows the purchase of 20 Cannon Street, EC4, in July last year, in joint venture with Allied London. UK property development and investment group, Terrace Hill, will be responsible for facilitating and project managing the redevelopment plans.
Robin Carr, Head of UK Acquisitions at Ærium, said:"This purchase underlines Ærium's belief in the Central London property market. We continue to focus on prime stock and see redevelopment as one of the most effective ways of creating the opportunities for our investors in the current market. We believe that the Savile Row/ Conduit Street opportunity will allow us to create a unique and highly desirable asset in this core and ever popular Mayfair location."
Rob Lane, Development Director of Terrace Hill, added: "We are very pleased to be working with Ærium to bring forward a high quality scheme in such a prime, undersupplied location. It is a key part of Terrace Hill's strategy to focus on delivering similar developments in Central London."
DTZ acted for Ærium and Terrace Hill. Savills advised PRUPIM.