Lease secured for West End premises

Office design news from Morgan Lovell

Published on 30-12-2011

A joint commercial property venture has been agreed between Aerium Finance and Allied London, buying up a long leasehold interest in London’s Savile Row from Great Portland Estates.

The contract for the West End premises cost the firms £16.25 million, the equivalent of £1,017 a sq ft, and may involve significant office refurbishment and the creation of new retail space producing £200,000 in rent a year.

The 16,000 sq ft of total space is held on long lease from The Pollen Estate which receives 10% of all rents paid. The lease runs until 2150.

Great Portland Estates investment director Ben Chambers said: "This sale continues our strategy of recycling capital out of smaller properties.

"Savile Row offers a refurbishment opportunity but following the group’s acquisitions over the past 12 to 18 months, the team’s focus is better directed towards larger, more impactful schemes."

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