Commercial property landowner, British Land has successfully agreed to the sale of its Clarges mixed-use development in London’s Mayfair.
Sold to Deka for a sum of £177 million, the property successfully fetched 7.6% above its September 2020 valuation.
Described as a ‘landmark mixed-use development’ by British Land, the landowner acquired the site in 2012, completing the redevelopment in 2017.
Upon completion, the development featured over 50,000 sq ft of world-class office space, 34 super prime residential apartments and nearly 15,000 sq ft of high-quality retail.
Commenting on the sale, Simon Carter, incoming CEO at British Land, said: “Clarges is a fantastic example of our ability to create outstanding mixed-use places and drive value through development. The sale is in line with our focus on active capital management, recycling out of more mature assets and positioning us to progress our value accretive London development pipeline, focused on our mixed-use campuses and Canada Water.”
The Clarges offices and retail space are currently fully let, with retail occupiers including Le Comptoir Robuchon, Le Deli Robuchon and a Porsche showroom.
Deka was advised by Savills and Simmons & Simmons, while CBRE and Mayer Brown advised British Land.