Melrose House, 5 Savile Row, W1

A medium term leasehold interest in Melrose House was purchased in 2002 by Benchmark PLC.

The team secured planning permission for a new build scheme providing 5,000 sq ft of retail and 33,000 sq ft of Grade A Office space. Vacant possession was then secured within the capex allowance. A Development Agreement was negotiated with the freeholder, The Pollen Estate, together with a new head lease.

The finished development – which is landlocked on three sides - was delivered in 2006. The building was successfully let within a 9-month period achieving the highest West End market rent (in excess of £90psf) at the time on four floors.

The property was sold for over £50 million in 2007.