KPMG’s private members’ club-style meeting place in Mayfair has been bought by a client of Luxembourg-based fund Shaftesbury Asset Management for £96m.
Knight Frank had been appointed by Grosvenor to market the 125-year long leasehold on the five-storey building at 20 Grosvenor Street, W1, for offers in excess of £95m – 3.8% yield.
KPMG is headquartered in Canary Wharf, E14, but the townhouse was opened last year as a more central location in which to entertain clients. It features offices, business lounges, a hotel, bar and restaurant.
The 43,000 sq ft building is let to the firm on a 15-year term expiring in February 2030, with a break in 2025. It generates £4.3m pa in rent, equivalent to around £104 per sq ft.
The property has been newly redeveloped, amalgamating 18 and 20 Grosvenor Street, and includes two retail units occupied by the Refinery barber and spa and a café.
Craig McWilliam, executive director, London estate, at Grosvenor Britain & Ireland, said: “The proceeds from 20 Grosvenor Street will help us continue to invest in our London estate, ensuring it both thrives and flourishes as a place to live, work and visit in the heart of London’s West End.”