Search
 

Pearl Dives Into SW1 Market

LONDON-David Pearl's Structadene has bought the freehold of Grosvenor Gardens House, London SW1 from clients of Clerical Medical. The multi-let property attracted strong interest especially from property companies.

By Graham Parker | Updated on June 20, 2002

LONDON-Structadene, the private property company run by David Pearl, has successfully bid £20.35 million ($30.6 million) for Grosvenor Gardens House, London SW1. The sale price reflects an initial yield of 6.36% and a capital value of £343 ($511) per sf.

Grosvenor Gardens House is an island block of 59,306 sf, comprising 11 retail and restaurant units on basement and ground floors totalling 16,907 sf, with 42,399 sf of office and ancillary space above let to 46 tenants.

Charles Butters, the Chesterton broker who acted for the vendor, Clerical Medical, said: “Clerical Medical saw an opportunity to book significant profits from the sale of this property and the price achieved reflects the premium value attached to well located blocks of this type that show both short and long term active management opportunities.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.