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80 Pall Mall, St James’s, SW1
37,800 sq ft 125 year leasehold interest with 12.5% ground rent sold in August 08 to IVG Funds for £44m reflecting £1,164 per sq ft. The offices have just been comprehensively refurbished and were pre let to Permira Advisers at £77 per sq ft overall and £85 per sq ft on best on a lease expiring 2024. The net initial yield was 5.5%.
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5 Savile Row, Mayfair, W1
32,400 sq ft 122 year leasehold interest with 10.52% ground rent sold in August 08 to Kajima for £40m reflecting £1,235 per sq ft. New development with multi let offices (Fortress Investments accounting for 66% of the income). Average passing rent at £74 per sq ft reflecting £90 per sq ft on best. The net initial yield was 5.66%.
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65 Grosvenor Street, W1
The Grafton and Welput scheme in Grosvenor Street has now secured a number of tenants. Silver Lake took a total of 10,109 sq ft over the third, fourth and fifth floors on a ten year lease at a rental of £110 per sq ft on the fifth floor and £105 per sq ft on the other floors. Vicis Capital took the 4,789 sq ft second floor at £105 per sq ft and Rubicon the top 1,000 sq ft floor at £110 per sq ft. Ground and lower ground floors
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