Privately owned property firm Grosvenor has sold a prime office and retail asset in London’s Mayfair district for £96 mln (€121 mln).
The newly redeveloped building at 20 Grosvenor Street has been acquired by a client of the Shaftesbury Asset Management Group, the company said in a statement. It comprises 3,686 m2 of office space on six foors, as well as two retail units.
The building has been sold on a 125-year lease, with Grosvenor retaining the freehold as part of its 120-hectare London estate in Mayfair and Belgravia.
The refurbishment, completed last year under the direction of Flanagan Lawrence architects, saw number 18 Grosvenor Street incorporated into its neighbour.
Grosvenor said it intended to use the sales proceeds to finance its £1 bn London estate development pipeline.
