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Pollen Buys $14.7-M Central London Lease

LONDON-The Pollen Estate has parted with close to $15 million to buy in Benchmark's leasehold interest in a 21,000-sf office building at 18/19 Savile Row in London's Mayfair.

By John Ryan | Updated on November 11, 2003

LONDON-The leasehold in a 20,840-sf central London building comprising seven floors and two retail units has been sold by Benchmark Group to freeholder, The Pollen Estate, for £8.8 million ($14.70 million).

The lease on 18/19 Savile Row has 49 years remaining at a fixed rent of £4,000 ($6,800) per annum and currently produces a total income of £704,000 ($1.2 million) per annum. Benchmark is also working with the Pollen Estate on plans to redevelop neighbouring Melrose House at 4-6 Savile Row.

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