A private European investor has acquired the long leasehold interest in 34 Berkeley Square in London’s Mayfair for a sale price reflecting more than £5,000/sq ft.
The investor intends to occupy the building, which was put up for sale in October last year by global pharmaceutical company GlaxoSmithKline (GSK).
The property, which was constructed in 1880 in a Queen Anne-style, comprises office accommodation over lower ground, ground and four upper floors.
James Purdon, director in Savills’ Central London investment team, which acted for the vendor on the sale, said: “This outcome illustrates how significantly – and rapidly – the price of high-quality assets can be impacted when genuine scarcity, international exposure and intense competition are combined. Berkeley Square is amongst the most sought-after global property destinations and will be enhanced further following the near-term arrival of both Chanel’s and Blackstone’s European headquarters.”
