Stow Securities has bought four properties on the Grosvenor Estate through its £200m Mayfair offices fund.
In an off-market deal, the private Mayfair-based investment group purchased a £21m portfolio from Kuwait’s Al Ahlia Investment group.
The properties are the 12,600 sq ft Argentinian embassy at 65 Brook Street, W1; 86 Brook Street, a 10,000 sq ft multilet building; 36 Park Street, a 7,000 sq ft building let to ETC Ventures; and a 6,000 sq ft office block at 5 Aldford Street.
Stow is establishing a core of Mayfair buildings that can be redeveloped to “add value” (5 April 2003, p26). It will refurbish 5 Aldford Street first as the leases expire in 2006-08.
Property director Tim Mockett said: “We are looking at similar opportunities elsewhere.”
The portfolio augments Stow’s 34 Brook Street, 29-37 Davies Street and its 75,000 sq ft Viewpoint Mayfair joint venture with Grosvenor, where the last remaining floor has just been let to Real Estate Venture Capital Management at £42.50 per sq ft.
Grosvenor commercial director Jeremy Titchen said the jv was likely to be repeated.
References: EGi News 17/01/05
