INDUSTRY NEWS

London office home to Kensington Roof Gardens snapped up for £225m

A German firm is set to snap up the Kensington Roof Gardens for a reported £225m.

The Art Deco themed London office block, known as 99 Kensington High Street, has been purchased by Sirosa, representing the German Conley family.

The family already own the Liberty department store on Regent Street as well as Manchester United’s London office based in Mayfair.

As a venue, the Kensington Roof Gardens have been host to a number of extravagant parties down the years with celebrity guests including the likes of Mick Jagger and David Bowie.

Since 1981 the Gardens have been leased to Richard Branson’s Virgin empire and each June are the home of the annual pre-Wimbledon party with major tennis stars past and present in attendance.

The joint owners of the building, Singaporean property company CapitalLand, Asian conglomerate Genting and hotel operator HPL had actually looked to sell the property, which also includes 1 Derry Street and 25 Kensington Square as part of the deal, for a figure close to £200m. This means the German Conley family are actually offering almost £25million over the asking price.

Kensington Roof Gardens, located on London’s Kensington High Street, is built on the top of an old department store, after it closed in 1973 it was then converted into 400,000 sq ft of London office space, with the record label Sony BMG its main client.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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