Grosvenor Europe has sold a prime retail asset on High Street Kensington, London.
The High Street Kensington asset is located in one of the major retail destinations of West London. Benefitting from high glazed frontages and good transport links, the asset provides approximately 88,000 sq ft of retail, office and residential space.
Grosvenor acquired the asset on behalf of the Urban Retail V Fund in 2015, carrying out a series of improvement and reconfiguration works to create three new retail units and a gym. Retail tenants now include: Zara, Uniqlo, Joe & The Juice, The Realbuzz, Simit Sarayi and SpinAddikts gym.
Alison Clegg, director of asset management at Grosvenor Europe, said: “This sale underpins our value-add improvement strategy. We identified an asset in a good location and by refreshing the tenant mix and implementing a large refurbishment project, the asset is a much stronger proposition than when we acquired it. We are very proud of what we have produced; a building which provides enhanced benefit to residents, occupiers and visitors.”
Grosvenor was advised by Knight Frank and Clifford Chance. The buyer, a Hong Kong Family Office, was advised by Mayer Brown.
