MEAG, the asset manager of Munich Re and Ergo, has gone under offer to sell 21 Grosvenor Place, a significant refurbishment opportunity in London's West End to property developer Fenton Whelan in joint venture with US healthcare operator the Cleveland Clinic for around £50 million, CoStar News understands.
Cushman & Wakefield is adviser to MEAG on a sale it been marketing as an opportunity to capture the "current strong demand for best-in-class offices, healthcare and alternative use sectors".
The property comprises 57,329 square feet of office and retail arranged over lower ground, ground and five upper floors.
A block date in December 2023 means it can be refurbished, with feasibility studies suggesting it could be extended by up to 20,599 square feet. That could include the creation of terraces on the third to fifth floors, and a sixth floor with a wraparound terrace.
A medical and healthcare use is supported within the headlease, with the relatively recent development by the Cleveland Clinic of a private hospital at 33 Grosvenor Place and the ongoing development of the Peninsula hotel at 1 Grosvenor Place supporting the repositioning.
Parties involved declined to comment or did not respond to a request for comment.