The billionaire Conle family has bought a Piccadilly office block next door to one of its existing buildings to unlock a significant development opportunity.
The secretive German investor has bought 81 Piccadilly, W1, from Sir Richard Sutton Estates for close to £23m – a 4% yield.
The building borders the Grade II listed Stratton House at 5 Stratton Street, which the family bought for £166m in 2012.
With around five years left on their leases, both buildings offer the potential for a range of asset management or redevelopment options in the medium term.
The 16,819 sq ft 81 Piccadilly is let to Smiths Industries until 2021.
The Conle family’s London portfolio now totals in excess of £2bn and includes Shell Mex House, WC2, and Kensington Roof Gardens, W8.
Sir Richard Sutton Estates has also sold the 125-year long lease interest in nearby 105 Piccadilly, W1, to the Reuben brothers’ Motcomb Estates for £50m, a 3.8% yield.
Colliers International advised the company on both sales; Cushman & Wakefield acted for the purchaser.
