The historic home of one of the world’s most exclusive private members’ clubs, The Arts Club, is to be put up for sale.
Colliers International has been instructed to sell 40 Dover Street, W1, the seven-storey Georgian terrace that has been home to the Mayfair institution – a favourite of the property industry – since 1896, seeking offers in excess of £90m – a 3.4% yield.
The club, which was founded in 1863 by Charles Dickens and counts Rudyard Kipling and the painter Monet among its former members, will sign a new 35-year lease on the 30,774 sq ft building.
Colliers director of capital markets John Olney said the building would likely attract global interest from both institutional and private capital.
“It is a very rare opportunity to acquire a prime Mayfair freehold building let for a term of 35 years to an exceptional tenant,” he said.
Developer Gary Landesberg and venture capitalist Arjun Waney, who co-owns trendy London restaurants Zuma, Roka and La Petite Maison, relaunched the club in 2011 after acquiring it a year earlier.
Landesberg is also part of the private consortium which owns the freehold. The club will pay a rent of £2.9m pa, which will rise to £3.3m pa in 2020.
The property has been fully refurbished and now features a 16-suite boutique hotel for the use of club members.
Current members of the club, which is expanding in the UK and internationally with new venues in Los Angeles and Canary Wharf, include artist Grayson Perry and actress Gwyneth Paltrow.
