D2 Private acquired and developed an iconic prime Grade A commercial office development of GIA 140,000 sq. ft. at 23 Savile Row, Mayfair. The building is widely considered one of the best buildings in London’s West End and encompasses the highest quality offices on the upper floors with gallery use at ground floor level.
The freehold site offered a rare opportunity to develop a prime Mayfair office building in an undersupplied market.
On completion the building comprised the best office and retail space in Mayfair.
Despite challenging market conditions during construction and at the time of completion, D2 Private let the majority of the offices on 10 year terms and secured a 20 year term to renowned contemporary art gallery, Hauser & Wirth, on the ground floor and part first floor.
The asset was sold for one of the highest capital values achieved in Mayfair at £2,182 per sq. ft. In addition in August 2012 it achieved some of the highest rents in the market and surpassed the market by circa 20% net effective.
INVESTMENT TYPE Full Development
ASSET MANAGEMENT Full Construction, financing and Leasing Management
NET INTERNAL AREA 102,000 sq. ft.
ACQUISITION January 2007
VENDOR: Legal & General
DISPOSAL DATE August 2012
PURCHASER Quantum Global & LaSalle Investment Management