Global property fund manager Stenham has completed the purchase of 52 Grosvenor Gardens, a 93,601 sq ft (10,000 m2) leasehold mixed-use property in Victoria, London.

Global property fund manager Stenham has completed the purchase of 52 Grosvenor Gardens, a 93,601 sq ft (10,000 m2) leasehold mixed-use property in Victoria, London.

The £25 mln (EUR 28 mln) purchase price reflects an equivalent yield of 9.44% and a capital value of £267 per sq ft. The property comprises retail on ground floor level with eight floors of offices and is currently let to a range of occupiers.

52 Grosvenor Gardens is a prime building situated in Victoria, a key submarket within the west end of London. Traditionally, Victoria's tenant mix has been dominated by government-related occupiers. However, more recently it has attracted an array of private sector occupiers.

Paul Arenson, Managing Director of Stenham Property, said: 'As a consequence of the turmoil in the financial sector and downturn in the wider economy, we believe value is beginning to return to the UK commercial property sector.'

Stenham Property currently has approximately £2 bn of assets under management of which approximately a third is located in the UK. Over the past three years, the company has focused more heavily on opportunities in Germany, Switzerland and Japan, and since last year, has been turning its attention back to the UK.