The sale of 88 St James’s, SW1, looked more likely this week after it emerged that the freeholder, The Crown Estate, has agreed to market the building with a new 125-year lease.
The 39,499 sq ft of flats, offices and retail space is valued at around £30m, and is being sold as a development opportunity at a 4% yield.
Planning permission has been granted for a mixed-use redevelopment. Receivers at Drivers Jonas Deloitte were appointed to sell 88 St James’s Street in August.
The property had been widely marketed over the previous two years but received limited interest from investors owing to its shorter lease. The building was previously owned by former Hamptons chief executive Robin Paterson.
The joint agents were Knight Frank and Franc Warwick.
joanna.bourke@estatesgazette.com
