West End assets totalling more than £70m have been snapped up this week.
A private Russian client of Michael Elliott has bought 7 Howick Place, SW1, from Italian firm Fabbriche for £54m – a 5.7% yield.
The circa 74,000 sq ft building is used as a studio for fashion designer Tom Ford. Ford pays a passing rent of £3.2m pa, equating to £43.10 per sq ft.
Elsewhere, Crosstree Real Estate Partners has bought 20 Golden Square, W1, from Scottish Widows Investment Partnership for £20m, a 3.39% yield.
Crosstree said the 22,903 sq ft block offered a redevelopment opportunity as leases expire in December next year.
The firm is expected to retain offices in any redevelopment, but is also considering proposals for flats, a restaurant and an art gallery.
Crosstree, which was unrepresented, was founded by Nick Lyle, former head of Blackstone UK’s business, and Sean Arnold, who led Starwood’s European operations, last August and has £500m of backing from Swiss-Italian billionaire Ernesto Bertarelli.
H2SO advised SWIP and Fabbriche.
joanna.bourke@estatesgazette.com
