Two Far Eastern investors have committed to spend around £230m in London’s West End.
A private Asian high net worth individual has bought 23 King Street, SW1, (pictured) in St James’s, from Standard Life, following a terminated deal with Chinese Estates’ Joseph Lau, post Brexit.
The purchase price for the 45,000 sq ft office was 5%- 10% below Lau’s bid. Lau had offered just below £130m – a 3.9% yield.
Following a redevelopment, the office has been fully let to tenants including Balyasny Asset Management, Temasek, Bordier & Cie and London Executive Offices. Quoting rents are £115 per sq ft.
Another St James’s asset, TH Real Estate’s Ryder Court, a corner block comprising 12-16 Ryder Street, SW1, and 13-17 Bury Street, SW1, is under offer to a private Chinese buyer for £110m – a yield of 4%.
It is being sold to pay back redemptions from the fund manager’s UK property fund.
TH Real Estate bought the 70,887 sq ft block in 2014 for £82m from LaSalle Investment Management. The building is let to five tenants, including Maple Securities and executive search company Korn Ferry.
Savills advised Standard Life; Colliers International acted for TH Real Estate.
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