Prime London commercial property sold for £40m

Thursday 11th February 2010

Iconic London address 52 Grosvenor Gardens has reportedly been sold for the eye watering sum of £40 million, in a sure sign that the capital’s commercial property values are well on the mend.

Stenham Property sold the 93,000 sq ft office building to Aegon Asset Management, making a sizeable profit. The group bought it from Grosvenor Estates in May last year for £25 million.

The 60% rise in value is down to a successful refurbishment of the property and a considerable shift in mood. When Stenham took over the property, nearly half of it was empty, whilst other tenants had leases about to expire.

However, since last May, leases have been renewed, the building has been spruced up and five occupier have moved in. Stenham Property even reduced service charges by over 35% in another key move.

JM Finn & Co, the investment managers that acted for Stenham Property, said that the deal was one of the most significant it has completed in the last year. Matthew Finn, from the firm, added: “We believe that the economic difficulties of the past 18 months are finally coming to an end and that we are steadily seeing a return in property values.”

 

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