The property comprises a total of 27,105 sq ft of grade-A office space across eight floors.
Part of the building was recently refurbished, including common amenity space and three outdoor terraces.
Jamie Phillips, fund manager of UK Property PAIF at CBRE Investment Management, said: “This was a compelling opportunity to acquire a high-quality freehold office building in such a strong location. The building provides an attractive income stream but also potential to create further value through a targeted asset management programme focused on ESG.
“Cavendish Square is one of the most prominent and best-known garden squares in London and those strong fundamentals will only improve following the proposed redevelopment of the square, with consent in place to deliver 280,000 sq ft of new health and wellbeing amenities.”
David McArthur, head of investment at The Howard de Walden Estate, added: “The disposal of 2 Cavendish Square continues The Howard de Walden Estate’s strategy to recycle capital into our core activities, and looking ahead we remain focused on delivering high-quality accommodation across our portfolio.
“This is a fantastic building, set within the world-renowned Harley Street Medical Area and benefits from close proximity to the excellent amenities that Marylebone Village has to offer. Despite the ongoing impact of the pandemic, demand for grade-A office space remains high as occupiers reassess their space requirements.”
CBRE Investment Management was advised by CBRE. Michael Elliott acted for The Howard de Walden Estate.
Source: Office - propertyweek.com
