Gruppo Romeo, the European real investor owned by Italy's Romeo family, has launched for sale 7 Old Park Lane, a super-prime office redevelopment in Mayfair, seeking in excess of £99 million, CoStar News can reveal.
Cushman & Wakefield and Michael Elliott have formally brought to market the 54,480-square-feet office, which is located in a prime location in Mayfair on the doorstep of Knightsbridge and Belgravia.
Gruppo Romeo, a major European real estate investor based in Italy and a specialist in luxury hospitality, bought the building in 2015 from Meridian Properties for £82.7 million. It first launched a sales process before the development completed over a year ago.
The Romeo London team has redeveloped the vacated building as a contemporary workspace that it says meets the "classical charm and bespoke care of a luxury hotel" via a £25 million refurbishment. The offices are spread across the lower ground, ground and eight upper floors, two of which feature private terraces.
The building is being sold with "numerous asset management options to reposition the building", according to the teaser, via fully fitting office floors. It is also suitable for owner occupiers as residential ‘permitted development’ being located outside of the Article 4 direction.
There is also potential for other alternative uses including hotel, serviced apartments, private members club, medical or embassy.