Euro Real Estate, a Wilhelm von Finck Group company, has bought 24 Savile Row, in London for around £90 million.
The mixed-use building in Mayfair consists of 29,766 square feet of office and gallery accommodation. It is
multi-let, part freehold, part virtual freehold and is rated EPC A and also BREEAM Excellent.
It is let at a highly reversionary rent of £126 per square foot. This is inclusive of rent-free top-ups, says advisor BNP Paribas Real Estate.
Unique fundamentals
Ralf Peter, managing director, Euro Real Estate, says, “The property boasts unique fundamentals including its bespoke architecture. The façade is a tribute to Savile Row’s tailoring heritage, clad in 10,000 hand-glazed ceramic tiles. The three-dimensional crystalline glazes reflect and refract daylight, capturing differing moods and subtly changing the appearance and tone of the building, depending on the weather and time of day, like the fabric of a bespoke suit. We are excited to undertake our proactive asset management strategy in order to increase the highly reversionary rental tone within the building.
“The acquisition of 24 Savile Row is a perfect example of our business strategy to invest in trophy assets in European metropolises. It completes our fifth acquisition in central London and demonstrates our strong commitment to the UK’s capital city.”
The seven-storey building was constructed in 2015 by developer, the Terrace Hill Group and also McLaren Construction.
Euro Real Estate was also advised by Avison Young and also Mayer Brown. DLA Piper advised the vendor.
Chris Gore Principal in Avison Young’s London Markets Team says, “Freehold deals like this with an EPC A and BREEAM Excellent are rarely traded and the reversionary nature of the office income is testament to London’s ability to attract the very best tenants and investors in what is still a subdued time in the economic cycle.”
