Savills and Capital Real Estate Partners, acting on behalf of Ocubis, have brought to the market a Central London freehold office asset located at 5 St James’s Square for over c.€88m (£75m). The Grade II listed office building was originally a mansion built in the 1700s for William Wentworth, 2nd Earl of Strafford and recent restorative works have returned the property to its full glory. The multi-let property comprises 22,761ft² of the highest quality office accommodation and has achieved some of the top rents in London.
Matt Gresham of Ocubis said: “Following a two-year restoration and refurbishment programme, the building is now fully tenanted and income-producing. The exceptional level of interest for freeholds in St James’s Square has persuaded us to offer this unique asset to the market. We continue to seek opportunities where we can add value to existing buildings using our planning, refurbishment and leasing expertise.”
Rasheed Hassan, Head of Global Cross Border Investment at Savills, commented: “The dynamics of today’s market are such that we are suffering from a major lack of truly prime assets available to buy, though at the same time there is an unabating appetite from investors across the world to acquire high-quality real estate in London. 5 St James’s Square is a unique asset. It provides a buyer with a secure and diverse income stream, as well as offering an opportunity to own a piece of historic London.”