Euro Real Estate, part of the Wilhelm Von Finck group, has acquired 24 Savile Row in Mayfair, London, for £90 mln (€107 mln).
The prime multi-let part freehold, part virtual freehold property comprises 29,766 ft2 (2,765 m2) of office and gallery accommodation and is let at a reversionary rent of £126 per ft2 overall (inclusive of rent-free top ups). It is rated EPC ‘A’ and BREEAM ‘Excellent’.
Ralf Peter, managing director, Euro Real Estate commented: 'We are extremely proud to have acquired this prominent and prestigious mixed-use corner building in the heart of Mayfair.
'The property boasts unique fundamentals including its bespoke architecture. The façade is a tribute to Savile Row’s tailoring heritage, clad in 10,000 hand glazed ceramic tiles.
'We are excited to undertake our proactive asset management strategy in order to increase the highly reversionary rental tone within the building.
'The acquisition of 24 Savile Row is a perfect example of our business strategy to invest in trophy assets in European metropolises. It completes our 5th acquisition in central London and demonstrates our strong commitment to the UK’s capital city.'
BNP Paribas Real Estate advised the buyer, who also were advised in the transaction by Avison Young, Mayer Brown and DLA Piper.
