Contracts have been exchanged for the purchase of the virtual freehold interest of the Rolex store at One Hyde Park, SW1.
Project Grande, the joint venture between Christian Candy’s CPC Group and the prime minister of Qatar’s Waterknights, has sold the building at 100 Knightsbridge to Russian investor Grigory Guselnikov for £13m, reflecting a 3% yield.
Terms were agreed in excess of the asking price following competitive bidding from a number a diverse investors.
The property is being bought for a newly formed property fund called Williston Properties, which benefits from a CIS investor base and focuses on prime central London assets offering core returns with solid rental growth prospects.
The asset is leased for a further 14.5 years at a rent of £400,000 pa.
A second shop at One Hyde Park, which is let to McLaren, will be brought to the market in September. Offers in excess of £11.5m are being sought for the 3,200 sq ft property. It is let on a 15-year lease at a rent of £400,000 pa.
Nightingale Partners advised the purchaser; Savills is acting for Project Grande.
james.buckley@estatesgazette.com
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