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London's American Embassy goes on sale
23 Oct, 2008, London
The American Embassy building (Chancery) in Grosvenor Square, Mayfair has been put on the market following the United States Department of State’s conditional decision to acquire a new site on the South Bank of the River Thames in London.
The building occupies the entire western end of Grosvenor Square with a footprint of approximately 3,740 sq m (40,250 sq ft) and extends on a Gross Internal Area basis to some 25,200 sq m (270,000 sq ft) arranged over sub basement, basement, lower ground, ground, mezzanine and the first to fifth floors.
Subject to gaining planning consents the prime location provides the opportunity to convert the premises to a variety of alternative uses.
The United States Department of State is offering for sale its long leasehold interest in the building. The lease, granted by The Grosvenor Estate in 1954, is for a term of 999 years with the rent fixed at one peppercorn per annum for the whole term. The information on the property and the transaction is available through sole agents, Cushman & Wakefield, and expressions of interest will be sought towards the end of November.
The disposal of the Embassy is integrally linked to the acquisition and development of the new site in Battersea and is dependent upon Congressional approval and securing the necessary planning permissions from the London Borough of Wandsworth.
Zoe Bignell, Head of West End Development at Cushman & Wakefield advising the United States Department of State on the sale, comments: “This is a remarkable opportunity to acquire a unique site in an internationally renowned square in London’s most prestigious area. We are expecting interest from around the world and will be seeking a purchaser with the experience, expertise, financial capability and commitment to maximise the potential of the site.”
Notes to Editors
- The US State Department signed a conditional agreement with real estate developer Ballymore on 2nd October 2008 to acquire a site in the Nine Elms Opportunity Area in Wandsworth for the construction of the new US Embassy.
- The decision to acquire the Nine Elms site is based on the need for a building that is modern in design, secure and environmentally sustainable and follows both a two year search for a new location and a thorough review of options for the Grosvenor Square building.
- English Heritage is currently considering a request to list the Grosvenor Square building. A report is expected to go to the Secretary of State for Culture, Media and Sport in the autumn and a decision is not expected until the New Year.
All enquires should be directed to Joanna Allwood at M&N Communications (020 7831 0534), or Helen Basil within Cushman & Wakefield’s PR team (020 7152 5110), or the direct property advisers within Cushman & Wakefield, William Jackson (020 7152 5807) or Zoe Bignell (020 7152 5805).
- Ends -
For further information, please contact:
Helen Basil, Press Office
Cushman & Wakefield
Tel: + 44 20 7152 5110 / 07793 808 110
Notes to Editors: Cushman & Wakefield is the world’s largest privately held commercial real estate services firm. Founded in 1917, it has 221 offices in 58 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, valuation services, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, and Consulting Services, including business and real estate consulting. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.
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