Ho completes on St James’s Square
Billionaire casino tycoon Stanley Ho has completed the purchase of 7 and 8 St James’s Square, SW1, for a record capital value of £3,425 per sq ft.
As tipped by Estates Gazette, Ho’s Shun Tak Group has acquired the 62,200 sq ft office building for £245.9m – a net initial yield of 3.69%.
Billionaire casino tycoon Stanley Ho has completed the purchase of 7 and 8 St James’s Square, SW1, for a record capital value of £3,425 per sq ft.
As tipped by Estates Gazette, Ho’s Shun Tak Group has acquired the 62,200 sq ft office building for £245.9m – a net initial yield of 3.69%.
The properties were acquired by Green Property from AIB in November 2008 as part of a portfolio once owned by convicted fraudster Achilleas Kallakis.
In spring 2015, Green Property completed the redevelopment of the offices at 8 St James’s Square with private terraces and views onto the square. Tenants include Société Général, Steve Cohen’s Point72 and Helly Nahmad Gallery. The gallery agreed a record UK office rent when it took 2,959 sq ft at £185 per sq ft last April.
Number 7 is a 30,000 sq ft Edwin Lutyens-designed mansion that fronts on to St James’s Square. Since acquisition, Green has excavated extensively below the listed house to make way for the future construction of a pool, spa and sub-basement car park. A private courtyard garden has also been created.
Green Property director Mike Tapp said: “This sale highlights the resilience of very prime London properties in a post-referendum environment. It is a reflection of the ongoing attractiveness of the West End as a target market for long-term international capital.”
CBRE and Nabarro advised on the sale of the properties; BNP Paribas Real Estate and Norton Rose Fulbright acted for the purchaser.
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