The former Mayfair HQ of convicted property fraudster Achilleas Kallakis has been sold to Grosvenor.
The West End specialist has bought the Grade-II listed 8 Carlos Place, W1, for £23m – a 3.25% yield – from Green Property Ventures.
At the same time, a new 15-year lease has been agreed with the existing occupier of the 8,808 sq ft building, fashion brand Roland Mouret.
Haydn Cooper, location director for Grosvenor’s Mayfair estate, said: “8 Carlos Place is a prime example of the ‘maison’ retail units that Carlos Place has become renowned for. It enables brands like Roland Mouret to create flagship stores that give customers a unique brand experience, combining a showroom, private client and design space.”
Dublin-based Green Property, run by Pat Gunne and Stephen Vernon, acquired 8 Carlos Place as part of a portfolio of 12 Kallakis assets from Allied Irish Bank for £650m in 2008.
Kallakis’ Pacific Group had purchased the building with a loan from the bank. He was jailed in 2013 for conspiracy to defraud and duping loans out of AIB.
The latest sale is part of Green Property’s plan to sell a number of the buildings by the end of 2016. It disposed of the Telegraph’s SW1 HQ for £207.5m to Kennedy Wilson Europe Real Estate in November 2014.
Knight Frank advised Green Property; CBRE acted for Grosvenor.
