St James’s Square has long been one of the most sought after locations in London and has achieved the highest ever rents seen for office space in the capital. In April 2015, the Helly Nahmad Gallery signed a 15-year lease to pay £185 per sq ft for the top floor of 7-8 St James’s Square, for a total space of 2,959 sq ft.
Green Property Ventures has now instructed CBRE to put this building on the market and it is expected to achieve a sale price of between £200-£230 million (3.5%-4% yield). The 62,195 sq ft building is let to 5 tenants and has an average rent of £125 per sq ft.
Chartered Surveyor and Managing Director at Morgan Pryce, Eugene O’Sullivan, says: “The ideal time to sell would have been 12 months ago, at the top of the market. However, we don’t know the motivation behind the sale. Also, despite the London market coming off due to Brexit and global economic fears, the fall in the pound has made London look like a great place to invest for the time being.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.
