Record Price Achieved on Berkeley Square
BIB Properties Limited has just completed the sale of their long leasehold interest in 27 Berkeley Square to Hyde Park Properties Ltd at a purchase price of £15, 750,000.
The building is situated on the North side of the square and comprises 6,280 sq ft net over lower ground, ground and four upper floors. A major refurbishment was carried out in 1998 to provide modern office accommodation with air conditioning and underfloor trunking whilst retaining and restoring the original period features.
The building is held on a 125 year lease from Grosvenor West End Properties expiring in March 2123 subject to a 10% gearing.
CB Richard Ellis and Michael Wells Associates advised BIB Properties Limited in the sale.
Alex Brown, Director of CBRE said “whilst we were aware that a long leasehold property, such as this, on Berkeley Square would generate a huge amount of interest, we were not expecting to achieve a capital value in Mayfair of £2,507 per sq ft, which we understand is a new record. The “exclusive” marketing approach certainly added to the mystique of such a rare product in the current market place which then culminated in a number of parties bidding against each other”.
Hyde Park Properties Ltd acquired the building for their own occupation.