A Saudi-based investor has put a £70m property on Old Park Lane, W1, up for sale as a rare refurbishment opportunity of scale on the famous thoroughfare.
Cushman & Wakefield has been appointed by Meridan Properties to market the 46,372 sq ft, nine-story period office block at 7 Old Park Lane for around £70m.
The asset, located between Green Park and Hyde Park, near Hyde Park Corner, is multi-let to such firms as including Albermarle Asset Management, Caledon Capital Partners and Onyx Financial Advisers.
Vacant possession is achievable in 2017.
The price reflects a capital value of £1,510 per sq ft.
The property was sold by the Church Commissioners for £25m in 1990.
