CLARGES MAYFAIR


VALUE

£177 million / NIY - 3.52% / £2,720 per sq ft

AREA
65,083 sq ft

PURCHASER
Deka Immobilien Investment GmbH

VENDOR
British Land

CBRE’S ROLE

Disposal

DESCRIPTION

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.