BNP Paribas Real Estate has announced that it has successfully advised on the transaction of Mayfair’s 24 Savile Row (W1) to Euro Real Estate (A Wilhelm Von Finck group company) for around £90m.
The prime multi-let part freehold, part virtual freehold property comprises 29,766 sq ft of office and gallery accommodation and is let at a highly reversionary rent of £126 per sq ft overall (inclusive of rent-free top ups). It is rated EPC ‘A’ and BREEAM ‘Excellent’.
Ralf Peter, Managing Director, Euro Real Estate commented: “We are extremely proud to have acquired this prominent and prestigious mixed-use corner building in the heart of Mayfair.
“The property boasts unique fundamentals including its bespoke architecture. The façade is a tribute to Savile Row’s tailoring heritage, clad in 10,000 hand glazed ceramic tiles. The three-dimensional crystalline glazes reflect and refract daylight, capturing differing moods and subtly changing the appearance and tone of the building, depending on the weather and time of day, like the fabric of a bespoke suit. We are excited to undertake our proactive asset management strategy in order to increase the highly reversionary rental tone within the building.
“The acquisition of 24 Savile Row is a perfect example of our business strategy to invest in trophy assets in European metropolises. It completes our 5th acquisition in central London and demonstrates our strong commitment to the UK’s capital city.”
BNP Paribas Real Estate advised the buyer, who also were advised in the transaction by Avison Young, Mayer Brown and DLA Piper.
