Advised by Central London property consultancy GN2, Mayfair Capital Investment Management has acquired new office headquarters in London’s West End.
It is taking 5,116 sq ft on the second floor of 55 Wells Street, W1 on a 10-year lease at an initial rent of £83.50 per sq ft.
Mayfair Capital CEO, James Thornton, commented: “The need for additional offices arises from our plans, under Swiss Life’s ownership, to grow as part of a wider pan-European platform. In the past nine months we have hired a sales and distribution team to access global capital plus two senior fund managers, an investment analyst and finance support.
“The move to Wells Street is designed to facilitate the next stage in Mayfair Capital’s growth. London is the logical location to launch and manage pan-European funds whilst London remains the gateway for international capital for investment in London and Europe.”
55 Wells Street is a BREEAM Excellent certified building developed by Great Portland Estates in 2017 and comprises 39,095 sq ft of high-quality office space arranged over six floors, with a ground floor restaurant unit let to Yotam Ottolenghi’s new flagship restaurant ROVI. It was sold in October last year by GPE to an overseas investor for £65.46m at a net initial yield of 3.99%. Following the letting to Mayfair Capital, the building is now fully let.
Julie Rees, Managing Director of GN2, commented: “This letting illustrates that despite the advent of flexible offices, there is still demand for quality space on more traditional terms for high-end office occupiers, for whom their own branding is important.”
“This is particularly the case in the heart of the West End, where high quality space is in increasingly short supply. We are delighted to have been able to advise Mayfair Capital/Swiss Life.”
Mayfair Capital is planning to move into 55 Wells Street in July.
