Thor Equities, a global leader in urban real estate development, leasing and management, in partnership with London-based Chenavari Investment Managers, has closed on the acquisition of 1 Dover Street in London for £47.2m, company executives announced today.
Located across from The Ritz in Mayfair, 1 Dover Street is an exquisite 19th century, six-story former prestigious hotel comprised of 23,310ft² including a retail ground floor, upper floor office space, top floor penthouse residential apartment, and a lower level home to popular nightclub Mahiki.
“1 Dover Street is a rare West End freehold retail and office property, with incredible corner frontage in one of London’s prime luxury growth markets,” said Joe Sitt, CEO of Thor Equities.
In addition to The Ritz, the surrounding area includes luxury hotels Claridge’s and The Dorchester, as well as numerous high-end restaurants such as Greenhouse, Le Caprice and Nobu. Neighboring retailers are Selfridges, Louis Vuitton, Hermes and Christian Louboutin. Located on the corner of Dover Street and Piccadilly, the property is also adjacent to the recently approved £600m Crosstree West End development, and close to several Underground stops as well as Crossrail’s Bond Street station.
Thor’s purchase of 1 Dover Street continues its ongoing London expansion. The company’s recent acquisitions in the city include 145 Oxford St. and 105-109 Oxford St.; the prestigious Bond Street House at 14 Clifford St.; and the Burlington Arcade, an architectural masterpiece in the heart of Mayfair.
Rents at Burlington Arcade have increased over 350% since Thor Equities purchased the property, due to a successful leasing strategy and strong tenant demand spurred by interior and exterior renovations, which maintained the Arcade’s high-end luxury position while preserving its historical significance.
Source: Thor Equities
