Following a targeted marketing campaign, Royal London Asset Management (‘RLAM’) has exchanged contracts to sell its freehold interest in 43/48 Dover Street, London W1 to Crosstree Real Estate Advisors for a price in the region of £83.5 million (approx. €97.7 million), subject to contract.
The building comprises 51,783 ft² (approx. 4,810 m²) net of offices, retail and residential accommodation. The offices are let to Stone Harbor Investment Partners, Soco International and Renshaw Bay, with two floors currently vacant.
Keith Miller, Senior Property Fund Manager and Head of Offices at RLAM, commented:
“Following a long period of ownership, during which time we redeveloped the property into a high quality, mixed use building, we considered that the time was right to take advantage of the current strong levels of demand for prime West End freeholds.”
Strutt & Parker advised Royal London Asset Management and CBRE advised Crosstree Real Estate Advisors.