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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.”