Mayfair resi developer to buy Anglo American’s HQ for £100m+

By James Buckley - Tuesday, September 11, 2018 15:18

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Mayfair-based super prime resi developer, Clivedale London, is buying Anglo American’s headquarters in St James’s for more than £100m, CoStar News can reveal.

Clivedale is buying the iconic development at 20 Carlton House Terrace near Buckingham Palace, SW1, ahead of Anglo American vacating the building in 2020, upon expiry of its lease.

Anglo is relocating its headquarters to 17 Charterhouse Street, the building that housed De Beers and the majority of its diamonds from the 1930s until 2016, when it moved in with Anglo American at Carlton House Terrace.

The 90,000 sq ft 20 Carlton House Terrace was launched for sale by owner, LaSalle Investment Management, via JLL, in 2016 for £148m, reflecting a 4.08% yield.

Anglo American pays a rent of £6.81m per annum, or £76.27 per sq ft overall, following a rental uplift in March 2018. The company’s lease runs until March 2020.

The property also includes 24 Carlton House Terrace, which houses 14 flats, 13 of which are sold on long leases, plus one flat occupied by the porter. Four flats have purchased extended leases with the remainder having 54 years unexpired terms.

Sheppard Robson has produced an architectural study, which indicates that an additional 14% NIA can be added to the existing building. 20-24 Carlton House Terrace is held long leasehold for a term of 125 years from March 1996, with 103 years unexpired, subject to 10% gearing.

Earlier this summer, M&G Investments agreed a £265m deal with Anglo American to redevelop the FTSE 100 mining company’s new London headquarters on Charterhouse Street. Anglo American will occupy the property on a 25-year lease upon completion of the building in 2020.

LaSalle and JLL declined to comment.

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