Areas of Expertise
February '10
Completion of Sale at 52 Grosvenor Gardens
Client of Dron & Wright, Stenham Property, have sold 52 Grosvenor Gardens in London for over £40m to Aegon Asset Management.
The deal represents around a 60% uplift in value since Stenham bought the building from Grosvenor Estates in May 2009 for £25m.
When Stenham bought the 93,000 square feet property, 40,000 square feet was empty and 10,000 square feet had leases about to expire. Its successful strategy was to renew the leases, refurbish the property and let it to five new occupiers including MWB and Capital & Regional. It also reduced service charges by more than 35%. Dron & Wright acted on behalf of Stenham, both as Managing and Letting Agents.
Andy Taylor, head of UK property at Stenham said “Our strategy to grow income and enhance value through active asset management was achieved by refurbishing vacant space, letting-up vacant floors, renewing leases and reducing running costs. Dron & Wright were instrumental throughout this process.”
“The result has been that the refurbishment was delivered on time and under budget, the property is fully let with secure income until 2013 at which time a comprehensive refurbishment of the property could be undertaken in a rising market.”
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