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Stenham concludes sale of London commercial property
Stenham has completed the sale of 52 Grosvenor Gardens in Victoria, London, nine months after acquiring it from Grosvenor Estates.
The company purchased the business property in May 2009 for £25 million and has recently passed it for over £40 million after successfully refurbishing and letting out vacant office space.
According to Property Week, the building - which measures 93,000 sq ft - has been purchased by Aegon Asset Management.
When Stenham bought the site it had 40,000 sq ft of vacant office space and a further 10,000 sq ft where leases were due to expire in 2009 and Paul Arenson, managing director of the firm, said it is "extremely proud" of what it has accomplished.
"Our achievements with this particular property demonstrate our prowess for investing in properties where real value can be added through an active asset management strategy," he remarked.
Last September, Stenham added four commercial properties in Mayfair to its portfolio at a total cost of £31.3 million.
The company purchased the business property in May 2009 for £25 million and has recently passed it for over £40 million after successfully refurbishing and letting out vacant office space.
According to Property Week, the building - which measures 93,000 sq ft - has been purchased by Aegon Asset Management.
When Stenham bought the site it had 40,000 sq ft of vacant office space and a further 10,000 sq ft where leases were due to expire in 2009 and Paul Arenson, managing director of the firm, said it is "extremely proud" of what it has accomplished.
"Our achievements with this particular property demonstrate our prowess for investing in properties where real value can be added through an active asset management strategy," he remarked.
Last September, Stenham added four commercial properties in Mayfair to its portfolio at a total cost of £31.3 million.
Wed, 10th Feb 2010