Global property fund manager Stenham has continued its expansion into London commercial property market by buying three adjacent buildings on Grosvenor Street and one on Bourdon Street, in London’s up-market Mayfair.
The Grosvenor properties, which are rented by Estée Lauder, total 32,700 square feet, while the fourth property’s 10,500 square feet are rented by Southeby’s. Stenham paid £31.3 million for the four buildings, which amounts to an average capital value of £724 per square foot.
After concentrating on property in Europe and Japan since 2006, Stenham have recently begun looking for UK opportunities once again. In May the company purchased 52 Grosvenor Gardens in Victoria for £25 million.
Managing Director Paul Arenson said of the most recent acquisition: “We believe this represents an opportunity to acquire a portfolio of quality properties in a prime location at prices more than 50% below the highs of the last up-cycle.”