Pall Mall
CUSP Limited, the Northern Ireland based property investor and developer, represented by Drivers Jonas and Lunson Mitchenall, has acquired the flagship building, 69 - 70 Pall Mall, St James's, London, SW1 from The Crown Estate. The sale went to the best bid and was completed in just over four weeks.
The 24,125 sq ft (2 241 sq m) building is the St James's headquarters of HSBC Bank plc which occupies eight floors on two leases with two outstanding rent reviews, the first of which is current. The building dating back to the 1920s was substantially refurbished by the Crown Estate in 2001 and now houses high quality offices and a banking hall. CUSP acquired a new 125 year Crown ground lease as part of the purchase.
Alisdair Low from Lunson Mitchenall added: "the purchase represents an underlying strength of the current investment market - the ability of the well-funded investor to buy prime assets without undue reliance on bank debt. It marks the beginning of a program to buy prime investments in Central London over the coming months."
Knight Frank represented the Crown Estate. Lunson Mitchenall and Drivers Jonas LLP represented CUSP Ltd.
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