Green Property sold its office assets at 7 and 8 St. James's Square to a private Asian investor for a combined total of £245.9M. The office building provides 62k SF of modern accommodation, and reflects a yield of 3.69% and a capital value of £3,425/SF.
7 and 8 St. James’s Square were acquired by Green Property from AIB in November 2008, as part of the Kallakis portfolio. In spring 2015, Green Property completed the redevelopment of the offices at 8 St. James’s Square, creating a high-quality multi-award-winning asset with private terraces and views onto the square. Tenants now include Société Général, Steve Cohen’s Point72 and Helly Nahmad Gallery.
Number 7 is a 30k SF Edwin Lutyens-designed mansion that fronts St. James’s Square. Since acquisition, Green has excavated extensively below the listed house to make way for the future construction of a pool, a spa and a sub-basement car park. A private courtyard garden has also been created.
CBRE and Nabarro advised on the sale of the properties, while BNP Paribas Real Estate and Norton Rose Fulbright acted for the buyer.
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