Bids of up to 10% above the £415m asking price have been made for a 3.5-acre Knightsbridge estate, including one from a Russian tycoon.
Six bids were submitted to CBRE by Wednesday’s 10am deadline for the BP Pension Fund’s freehold island site. The highest is believed to be around £450m. The estate was brought to market last month.
There are rumours that one potential buyer is Russian oil baron Leonard Blavatnik, who last year bought the house next to Kensington Palace after a bidding war against investors including Chelsea FC owner Roman Abramovich.
Those known to be bidding on the Knightsbridge estate are the Abu Dhabi royal family, which bought BP’s Berkeley Square Estate in 2001 for £315m, and Asif Aziz’s Golfrate.
A shortlist of three to five will be chosen in the next few days and a preferred bidder by 14 April.
CBRE has told bidders that although the sum bid will be “very important”, the decision will also be based on bidders’ ability to cut a deal “expediently”.
A sale of the trophy site for £415m would represent a yield of 4.65%. The 520,000 sq ft estate has 23 unlisted properties and includes more than 1,100 ft of prime retail frontage.
The site is bounded by Brompton Road, Hans Crescent, Basil Street and Sloane Street.
References: EGi News 18/03/05
