London 26 Sep 2022 – Cushman & Wakefield, acting on behalf of MEAG, has launched the sale of 21 Grosvenor Place to the market, a unique refurbishment opportunity in the West End providing an owner with the potential to capture the current strong demand for best-in-class offices, healthcare and alternative use sectors.
The property currently comprises 57,329 square feet (NIA) of office and retail accommodation arranged over lower ground, ground and five upper floors. The block date in December 2023 offers an exceptional opportunity to comprehensively refurbish 21 Grosvenor Place, with feasibility studies demonstrating the potential to increase massing by up to 20,599 sq ft (GIA) and improve the amenity offer throughout the building including the creation of terraces on the 3rd to 5th floors, and a new 6th floor with a wraparound terrace.
A medical and healthcare use is currently supported within the headlease, with the recent development of a private hospital at 33 Grosvenor Place and the ongoing development of the Peninsular Hotel at 1 Grosvenor Place further supporting this repositioning.
Miles Payne, from Cushman & Wakefield’s London Offices team, said: “The West End’s property market continues to experience strong leasing activity, driven by high demand for both office and alternative sector space and recorded the highest volumes for the first half of a year since 2006. Against that backdrop, 21 Grosvenor Street is one of the most exciting sites to come to market this year. It offers prospective investors an opportunity to capture significant rental uplift following refurbishment or occupancy repositioning. We anticipate significant interest across both geographies and sectors.”
Cushman & Wakefield is a leading investment advisor in the Central London capital markets, having advised on £3.8 billion worth of transactions in the first eight months of 2022.