The former West End HQ of headhunter firm Russell Reynolds has been sold for a £90m luxury mansion redevelopment.
A private UK investor is understood to have paid close to a £45m guide price for
24 St James’s Square, SW1, which also fronts Pall Mall and has views stretching from the Shard, SE1, to Battersea Power Station, SW11.
Livaco, advised by LEVY Real Estate, sold the 22,537 sq ft six-storey office building, with consent to turn it into one seven-bedroom luxury home.
Planning permission for the grade II-listed building also includes a gym and sauna.
The property has been vacant since 2010 when Russell Reynolds Associated relocated to 26-28 King Street, SW1.
According to JLL, new residential developments in St James’s are achieving values of £4,000 per sq ft.
The £90m mansion would be one of several office to residential conversions in Westminster. Last year almost 800,000 sq ft of West End offices were converted to homes in the borough.
However, should the new owner choose to pursue an office revamp, it can expect strong office rents, which have hit more than £130 per sq ft at nearby developments such as Standard Life Investments’ 23 King Street development.
joanna.bourke@estatesgazette.com
