Carlyle buys 88 St James’s from the Crown
The Carlyle Group has purchased the Crown Estate’s 88 St James’s, SW1, for £36.5m.
The deal involves Carlyle’s European real estate fund CEREP III buying a 250-year headlease on the 40,000 sq ft property, including 14,000 sq ft of commercial space and 11 flats.
It was undertaken with the administrators for the previous headlease holder, Robert Harding and Carlton Siddle.
The Crown Estate will retain the freehold to the building as part of its core central London holdings that include around 50% of the buildings in St James’s.
Carlyle said it intends to submit a planning application to convert the property to high-end residential use.
Robert Hodges, managing director at Carlyle, added: “Opportunities to acquire properties which lend themselves so perfectly to prime redevelopment in such a world-renowned location are extremely rare. We are therefore extremely excited about returning this landmark building back to its former position as one of London’s finest residences.”
Caraeno Management will be the development and asset management advisers for the property. Knight Frank advised the Crown Estate, Strutt & Parker represented Carlyle.
joanna.bourke@estatesgazette.com
