£177 million / NIY - 3.52% / £2,720 per sq ft
65,083 sq ft
Deka Immobilien Investment GmbH
CBRE advised British Land on the Freehold sale of their best-in-class mixed-use Clarges estate.
The 1 acre estate comprised of multi-let offices, Joel Robuchon’s new Mayfair restaurant, Porsche’s flagship showroom as well as the freehold of the 34 super-prime apartments with views over the Royal Parks.
In a competitive bidding process that comprised over 10 first round bids, the deal was secured by Deka in November 2020 for £177M reflecting £2,720 per sq ft and a NIY of 3.52%.
The sale was during the peak of the pandemic and achieved an impressive 7.6% above the September British Land 2020 valuation.