March 19, 2012
Dukelease Properties, advised by Hanover Green and Leslie Perkins, has purchased the freehold interest of 102 Jermyn Street, SW1 from one of Cluttons in house managed pension funds, for £9.65 million.
The investment comprises four floors of offices and a fifth floor residential apartment which generate an annual income of £292,050 pa (an average of just over £40 per sq ft for the office space) while the ground floor and basement Daks retail unit will continue to be held by the pension fund.
Simon Hall, investment partner of Hanover Green comments: “This property will significantly benefit from the planned enhancements to the St James’s area and the Crown Estate’s redevelopment of Piccadilly.”
Tim Warren, a partner of Cluttons adds: “This demonstrates the continued investor appetite for Central London commercial assets with residential conversion potential attracting premiums of up to 30%.”