Devonshire House, 1 Mayfair Place, W1All Properties
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.
|Village:||Mayfair & St. James’s|
|Uses:||Offices & Retail|
|Size:||187,000 sq ft (17,400 sq m)|
|Architect:||Griffiths Design Associates|
Devonshire House, 1 Mayfair Place, W1