Independent investment management organisation Stenham have turned a 60 percent profit on a West End property in just a few months. Back in May 2009, the group purchased 52 Grosvenor Gardens from owners Grosvenor Estates, for £25 million.
Thanks to a rapidly-recovering market in prime London office space, as well as a refurbishment project, they have recently agreed to sell it to life insurance and pensions company Aegon for more than £40 million.
The 93,000 square-foot building is now completely let. When Stenham purchased it in 2009, less than half of the office space was occupied, with further leases coming to an end over the coming year. Reducing service charges by a third was a key factor in securing major new tenants. The building will be fully let until 2013 – by which time, Stenham believes that any fears surrounding finding new tenants will be a bad memory.
Image: Flickr (Aromano)