Grosvenor puts £120 million slice of Mayfair property up for sale

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The Duke of Westminster’s property company Grosvenor Estates is putting a rare slice of Mayfair on the market for £120 million.

Grosvenor is pitching the buildings — 65 Duke Street and 62 Green Street — to a raft of potential deep-pocketed buyers including sovereign wealth funds, and overseas and domestic institutional investors. 

The eventual owner will be able to collect £3.2 million in annual rent from the 25 luxurious apartments rented to the super-rich. 

The most expensive generates £267,800 a year in rent, more than £5000 a week. It is understood Grosvenor, a rare seller, will use the funds to invest elsewhere in its estate.

The refurbished buildings, to be sold by CBRE, have never been on the market before.

Gerald Grosvenor, the 6th Duke of Westminster, has an estimated £8.6 billion fortune, making him the UK’s ninth richest man, according to the Sunday Times Rich List.

The company traces its history to 1677, when the present Duke’s ancestor, Sir Thomas Grosvenor, married Mary Davies, who had inherited 500 acres of land north of the Thames to the west of the City of London. 

GeraldCavendishGrosvenor.jpg

The Grosvenors developed the northern part, now known as Mayfair, in the 1720s.

Source Article from http://www.standard.co.uk/business/grosvenor-puts-120-million-slice-of-mayfair-property-up-for-sale-a3085596.html

October 8, 2015 |
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