Successful sale in Harley Street, London
Cluttons’ investment and fund management team, acting jointly with Strutt & Parker, has sold the freehold in a parade of 14 buildings in Harley Street including mews properties to the rear for The Crown Estate.
There was a complicated mixture of lease terms to both medical and residential users and the total lettable floor area was approx. 95,000 sq ft.
The investment was sought-after with over 55 inspections, resulting in 14 written offers, 12 of which were substantially above our quoting price of £25 million.
Howard de Walden Estate, the adjoining owner, was the successful purchaser and paid £34 million. This price reflects a net initial yield of just over 3%. Before marketing, Howard de Walden made an offer of £24 million in an attempt to purchase the parade 'off market'. Cluttons advised The Crown Estate not to accept this early offer and to market the investment formally to get a higher price. The resultant price far exceeded all expectations and was over 40% higher than their 'off market' offer and some 50% over The Crown Estate's book value.
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