Great Portland Estates has exchanged contracts to sell the long leasehold interest in 28/29 Savile Row to a joint venture between Aerium Finance and Allied London for £16.25m. The deal, which works out at £1,017 a square foot, is for a basement, ground and five upper floors. The retail unit produces a gross rent of £200,000 a year. The property is held on a long lease from The Pollen Estate.
STANDARD LIFE TO REVAMP OFFICE SPACE
Standard Life Investments has received planning permission to develop 23 King Street on behalf of its Pooled Pension Property Fund. The project will involve the substantial refurbishment, including an upgrade of the facade and the construction of a additional floor. The plans will see the office space increase by almost a third, with work due for completion in mid-2013.
SAVILLS TO SHIFT WEST END TEAMS TO MARGARET STREET
Real estate adviser Savills will move its West End teams, currently based at offices in Lansdowne House and Grosvenor Hill, to new premises in Margaret Street in early 2013. Savills chief executive Jeremy Helsby said: “His pre-letting of 33 Margaret Street is a strong expression of confidence in the growth of the Savills business going forward and in London as a global financial centre.”