TPG Angelo Gordon and Beltane Asset Management have completed the acquisition of a corner office building at the junction of Chester Street and Grosvenor Place in Belgravia, London, for an undisclosed price.
The circa 50,000 sq ft headquarters property, which comprises six floors plus a lower ground floor, will undergo an extensive refurbishment programme designed by Pilbrow & Partners.
The acquisition and refurbishment are being supported by a £53.5m financing facility provided by Grosvenor’s UK lending business.
Duncan Roe, partner at Beltane Asset Management, said: “One Chester Street represents a strategic addition to our portfolio. The planned refurbishment will reposition this asset to meet current occupier requirements whilst respecting the architectural heritage of this prestigious Belgravia address.”
Alex Browning, head of West End office at JLL, which alongside Savills has been appointed joint letting agent for the building, added: “Demand for Grade A office space in prime London locations continues to demonstrate remarkable strength. Alongside its exceptional positioning, 1 Chester Street will deliver the quality of specification, secure headquarters location and sustainability credentials that occupiers are actively seeking.”
Hunter Booth, director at Savills, added: “One Chester Street occupies a prestigious position in the West End and its high quality refurbishment will add much needed Grade A office space to the market. It will make the ideal headquarters location for any occupier looking for excellent connectivity and design.”
