A weekly round up of the latest property news from the central London boroughs

City of London

PW reports that the Museum of London has announced plans to create London’s highest public viewing gallery on the 71st and 72nd floors of Aroland Holdings’ 1 Undershaft.

City of Westminster

PW reports that a consortium made up of the family office of a member of the Saudi royal family and 3 Associates is close to formalising an all equity offer at £600m for the Grosvenor House Hotel.

PW reports that AXA Investment Management – Real Assets has bought the 61,000 sq ft Asticus office building in Victoria for £80, from the Aberdeen UK Property Fund.

PW reports that Darin Partners has acquired Devereux Court and 45 Essex Street from a private owner in a deal representing a yield of 3.65%. Fletcher King advised the seller.

EG reports that Hermes has bought the lease of Austin Reed’s flagship store at 100 Regent Street. Hermes was already the long-leaseholder. The Crown Estate is the freeholder. 

EG reports that Pepe Jeans has agreed a deal for a new London flagship store on Regent Street. It has signed for a 1,500 sq ft shop at 59-61 Regent Street on a 10-year lease and will pay £700,000 pa rent. The two shops, owned by Standard Life, are currently occupied by shirt retailer Hawes & Curtis and clothes shop Excellence of London and will be reconfigured into one unit. Nash Bond acted for Standard Life; Michael Horowitz & Co, now part of CBRE, acted for Pepe Jeans.

EG reports that The Crown Estate has bought 117 Jermyn Street for £67m. It bought the 60,000 sq ft office with shops from DTZ investors. Cushman & Wakefield acted for The Crown Estate; Allsop represented DTZ Investors.

EG reports that Topkapi, which has been trading at 25 Marylebone High Street for more than 40 years, has sold its lease to luxury Italian fashion brand Slowear. The retailer paid a £750,000 premium for the remainder of Topkapi’s lease, which lasts for another 18 years. It will pay £178,000 per annum for the 1,200 sq ft space, which is part of Howard de Walden’s estate. CDG Leisure acted for Topkapi.

RBKC

EG reports that the 45-bed Blakes in South Kensington has been put up for sale for £55m. It has an annual rent roll of £2.2m and asking price reflects a yield of 3.97%