Savills, on behalf of Great Portland Estates plc (“GPE”), has sold the vacant freehold of Mortimer House, 37/41 Mortimer Street, London to a private investor for a price of £26.95 million.
The office property, extending to circa 23,800 sq ft (2,211 sq m) is currently vacant, and benefits from consent for a triple B1/A1/A3 use on the ground and basement floors.
The buyer is a new vehicle set up by hotelier Guy Ivesha, in joint venture with Cain Hoy, who plan to operate a premium work and lifestyle concept.
Paul Cockburn, director in the Central London investment team at Savills, comments: “Despite having consents in place to undertake a comprehensive refurbishment project, we advised that to capitalise on the demand for vacant redevelopment oppportunies in the West End, the asset should be sold as as a refurbishment project“
The purchaser was advised by Colliers.