Blackstone has sold a Mayfair office building to a private European investor advised by Crossland Otter Hunt for £38m – with the price reflecting an unprecedented 1.86% yield.
The building, 9 Clifford Street, comprises 13,231 sq ft of office space set around a courtyard garden.
It is majority let to law firm Brown Rudnick until February 2022 with a total passing rent of £755,531 a year, equating to a low overall rent of £57.10/ sq ft.
Brown Rudnick has sub-let the majority of its floors.
The building was marketed as having an opportunity to convert the existing building to a flagship retail house which would appeal to a number of high end luxury retailers.