Hong Kong-based private equity firm Joint Treasure and Crosstree Real Estate Partners are battling to secure a £150m hotel and office block in Mayfair, W1.
Treasure and Crosstree are the final two in the race to buy Aviva Investors’ Berkeley Complex at 1-3 Berkeley Street.
Aviva instructed Jones Lang LaSalle to sell the circa 186,000 sq ft estate, which comprises the 195-bedroom Mayfair Holiday Inn, a 34,000 sq ft office and five shops fronting Piccadilly, W1, in October.
The block was being sold as a development opportunity, with a potential for a new five-star hotel, plus flats and offices, as leases on the complex expire in 2019. It provides an annual rent of £6.3m at present.
Other bids for the 0.76-acre site are understood to have come from Canadian pension fund Pontiac and long-term Mayfair investor Lancer Property Asset Management.
CBRE is advising Crosstree.
All parties declined to comment.
Joanna.bourke@estatesgazette.com
