Melrose House, 5 Savile Row, W1All Properties
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.
|Village:||Mayfair & St. James’s|
|Uses:||Offices & Retail|
|Size:||38,000 sq ft (3,500 sq m)|
|Status:||Completed and Sold|
|Freeholder:||The Pollen Estate|
|Architect:||Squire & Partners|
Melrose House, 5 Savile Row, W1