A vacant building in Mayfair has been bought for a third more than the asking price.
Melbourne House, 8-12 Brook Street, W1, has been sold to Oppenheim Property Fund Management and GraceMark Investments for around £11.3m by Prudential after it was marketed through Lewis Ellis with a guide price of £8.5m.
Baron Associates advised Oppenheim and GraceMark.
More than 60 parties viewed the 16,000 sq ft (1,500 sq m) building and 18 bids were made, including one by GraceMark’s usual funder, GE Commercial Finance Real Estate.
GraceMark will submit plans for an Ashwell Rogers-designed refurbishment that will return the lower-ground and ground floors to retail and add a sixth floor to create 17,500 sq ft of offices.
In January, GraceMark and GE sold 52 Conduit Street, W1, to Skandia for £15.9m, a 5.4% yield, two years after buying it for £8.6m and carrying out a refurbishment and lettings.
References: EGi News 22/04/05
