A private Chinese family is opening a Mayfair office after purchasing a luxury block from a Qatari conglomerate.
It has bought 8-9 Stratton Street, W1, for £35m from Ghanim Bin Saad Al Saad & Sons Group.
GSSG bought the 16,500 sq ft property from WELPUT four years ago for £21.9m, and the building has since undergone a Squire and Partners-designed makeover to turn it into a luxury office, which had been used by the owner.
Few Far Eastern private parties have set up in Mayfair, an area typically dominated by Middle Eastern offices.
A source said: “Previously, Far Eastern companies have been a little more reserved and did not need glamorous offices here. But now they are spending more on central London property – there will be more demand for Mayfair HQs.”
According to JLL, Chinese investors spent £1bn on London real estate in the first three quarters of 2013, compared to just £54m spent in the whole of 2010.
Savills advised GSSG; the purchaser was unrepresented.
joanna.bourke@estatesgazette.com
