The West End headquarters of one of Sir Martin Sorrell’s businesses is to be converted into a £25m Shoreditch-style luxury residential scheme.
A private South East Asian investor has bought 13-16 Jacob’s Well Mews in the heart of Marylebone, W1, from Grosvenor Securities for around £12.5m.
The 9,803 sq ft office block is let to media company Spafax, a subsidiary of Sorrel’s WPP, until April at £351,160 pa.
The new owner has planning permission to convert the warehouse-style property into six luxury flats.
One London residential agent said: “This is a great location right by Marylebone high street that offers loft-style accommodation, which will bring a touch of Shoreditch to Marylebone.”
Office-to-residential conversions in the submarket are becoming increasingly appealing, with values reaching £2,500 per sq ft.
Last October, a Bahraini investor paid £16m – double the asking price – for 9,905 sq ft Midori House, W1, for
a residential conversion. In April, Royalton Group bought the former BBC London offices at 35 Marylebone High Street for a £150m residential
scheme.
James Andrew International represented the buyer on 13-16 Jacob’s Well Mews; Knight Frank and Savills acted for Grosvenor Securities.
