London law firm Russell-Cooke has advised the purchaser (a private European Investor) on the acquisition of Stratton House for £166 million. Stratton House was last purchased in 2005 and was subsequently refurbished and the office space relet.
The Grade II landmark building, built in 1929, is opposite Green Park and the Ritz Hotel on Piccadilly in the heart of the West End. It provides a total of 108,000 sq ft of prime mixed-use accommodation over basement, ground and seven upper floors and residential on the eighth floor and is currently let to 12 tenants and includes Langans Brasserie. A specially created penthouse flat was sold at a record price in 2010.
Arnold Isaacson, Commercial Property Group partner said:
"Stratton House is an iconic West End property and had attracted plenty of interest from a number of parties. The Commercial Property Group at Russell-Cooke had the experience, expertise and ability to meet client's expectations and proceed within the strict timescale. We only had seven working days within which to exchange Contracts and pride ourselves on having been able to proceed quickly and efficiently.
The sale underlines the continued buoyancy of the market for top end real estate in the capital."
The Russell-Cooke team was led by Partner Arnold Isaacson, supported by Senior associate Matt Garrod and with full assistance from other members of the Commercial Property Group and Company Commercial teams. Gavin Stebbing of WSM advised on tax matters.
The Russell-Cooke team worked closely in conjunction with Savills throughout the transaction.
Find out more about our commercial property services.