A Bahraini investor has capitalised on frenzied demand for West End development stock and sold a Marylebone office block for double its asking price.
A private UK high-net-worth individual client of Michael Elliott has paid around £16m for 9,905 sq ft Midori House, W1, which fronts onto Paddington Street Gardens.
The 1 Dorset Street property attracted some 60 viewings and 17 bids. It was put up for sale in June with a £8m price tag – a 3.87% yield.
It is let to creative agency Winkreactive until 2020, but there is a rent review and break option next year. There is scope for a jump on the low passing rent of £30 per sq ft.
According to Colliers International, grade-A Marylebone rents were £85 per sq ft as at 2013, and could rise to £100 per sq ft by 2018.
The new landlord will also look at a residential conversion, with local schemes securing residential values of £3,000 per sq ft.
Ridgeford and Concord Pacific last month unveiled plans for a £250m luxury residential-led makeover of the Moxon Street car park site.
Crossland Otter Hunt advised the vendor.
