Devonshire House, 1 Mayfair Place, W1

Grafton Advisors were appointed by the private owners of Devonshire House to maximise future proceeds from the building and advise on the optimum exit strategy.

Grafton undertook a full refurbishment on 75,000 sq ft of office and reception space. The project was completed on time and within budget and the building was successfully ‘re-launched’ to the market in 2013. The team negotiated the completion of six leases within four months of the re-launch. Top rents of £120psf were achieved, setting a new market level for the highest rent in the West End at the time.

Upon conclusion of letting, an aggressive targeted sales campaign was undertaken and a sale was concluded in December 2013 at £410m reflecting £2,223psf, setting a new record price per square foot for an office building in the western world at that time.