Family-owned Sunley Group has exchanged contracts to buy Harcourt House at 19 Cavendish Square, W1, for a high-end residential redevelopment opportunity.
The firm is understood to have purchased the 63,000 sq ft property from LaSalle Investment Management for circa £75m, reflecting a 3% yield.
It comes one year after LIM brought Harcourt House to the market for more than £60m.
Developed as a residential block 105 years ago, the eight-storey property is now occupied by office tenants, and offers vacant possession in December 2015. As at October last year, it generated £2.4m rent pa.
James Sunley has headed Sunley for more than 20 years. The group is headquartered in Mayfair, London, with an additional office, Sunley Estates, in Guildford, Surrey. Its activities are throughout the UK although residential development is concentrated in the South.
Nick Howitt, director, LIM said: “We can confirm that LaSalle Investment Management has sold its 63,000 sq ft residential asset, Harcourt House. We are delighted to have been able to capitalise on the continuing momentum of London’s residential market, at a level that reflects the building’s premium potential.”
Whitmarsh Holt Young, Jones Lang LaSalle and Savills acted for LIM; Tudor Toone represented the purchaser.
annabel.dixon@estatesgazette.com
