A rare opportunity has arisen for investors as the City of London Corporation places its South Molton Street freehold estate in Mayfair on the market.
The portfolio – which is being marketed by CBRE – has not been put up for sale for hundreds of years.
The City of London Corporation is looking to use the proceeds generated from a sale for reinvestment, with a particular focus on environmental targets for the investment property portfolio.
South Molton Street comprises 200 metres of prime retail space in a desirable London neighbourhood. The estate consists of 19 directly-managed freehold assets and 34 freeholds subject to long leasehold interests. In total, the net lettable area of the directly-managed freeholds is around 46,250 sq ft.
Tenants at the destination include high-end retailers such as Sandro, Maje, Les 100 Ciels, and BA&SH. They are complemented by a mixture of offices and residential accommodation.
CBRE said its data shows that there is over 2.5 million sq ft of redevelopment and repositioning of landmark buildings within close proximity to South Molton Street. This includes the £500m South Molton Triangle development, which is being led by Grosvenor and Mitsui Fudosan. The development is set to comprise high-end retail and food and beverage space, supported by Grade A office space, residential apartments, and a 5-star hotel.