Hong Kong private equity firm Joint Treasure is preparing to sell GVA’s West End headquarters.
Joint Treasure is understood to have appointed CBRE to market 10 Stratton Street, W1. It is seeking a circa £90m price tag for the 41,000 sq ft property.
The proposed sale comes ahead of GVA’s lease expiry on the offices in March 2015.
The Mayfair block is expected to attract a lot of interest as an office to residential conversion opportunity.
Joint Treasure bought the Stratton Street property for around £60m – a 4.5% yield – from Arab Investments in 2011. It was developed in 1990 by Eagle Star Properties.
GVA has an active requirement for a circa 50,000 sq ft headquarters in the City and 5,000 sq ft of offices in the West End. Among the options it is considering are Hines’ landmark City of London office development, Cannon Place, EC4 , and Woolgate Exchange, EC2 . However, JP Morgan’s 10 Aldermanbury Square, EC2, is thought to be the preferred option.
CBRE and GVA declined to comment; Joint Treasure was unavailable for comment.
annabel.dixon@estatesgazette.com
