A consortium of wealthy European investors is buying a large retail redevelopment opportunity on Grafton Street, W1.
The consortium has gone under offer to buy the Hong Kong Economic and Trade Office at 6 Grafton Street, W1, from Aberdeen Asset Management.
A price of more than £35m has been agreed for the 13,238 sq ft Mayfair office block, which was being offered at around £25m.
Vacant possession is available from September 2015, at which point plans will be pursued for a high-end conversion for retail-led use.
A feasibility study for the property by Orbit Architects suggests the lower floors could be converted to a shop with three luxury flats above.
The consortium – linked to a group called Trophaeum, which has been buying swathes of prime West End retail – owns a number of properties on Albemarle Street, at numbers 18–19 and 37.
In September, it paid more than £17m – a 1.5% yield – for 6,152 sq ft 26 Albemarle Street, W1.
CBRE is advising the vendor.
