Hong Kong Investor Eyes £900M Double London Exit
A Hong Kong-based investor has put a West End scheme up for sale and is weighing its options on one of the largest office developments currently ongoing in London.
Chinese Estates has appointed Colliers to market the 51K SF 14 George Street office block in Mayfair for £135M.
The company is also considering selling 120 Fleet Street, the 541K SF redevelopment of a former Goldman Sachs London office, Green Street News reported.
The sale and potential sale are part of a slow but steady exit of Chinese and Hong Kong investors from the London market. Several high-profile schemes have recently sold or been put on the market.
Chinese Estates bought 14 George Street from Abrdn for £122M in 2016. The average rent at the office is £83.50 per SF, and the building is 99% leased.
In 2011, Chinese Estates paid £300M for 120 Fleet Street, a site made up of two attached buildings: River Court and the Grade II-listed art deco landmark, the Daily Express building.
River Court is being redeveloped and the Daily Express building will be refurbished, with development manager Co-Re overseeing the project. The cost of the entire scheme is £800M.
Enabling and demolition contractor Erith gave a February update to the local community saying that “the site is now closed,” and the developer was considering its options, Green Street News reported. But Chinese Estates’ annual report, published in March, said that the scheme is still expected to complete in late 2026.
Another Hong Kong investment vehicle, Joint Treasure International, is selling a 51K SF West End building also for £135M, Mingtiandi reported. That property, at 3 St James’s Square, was bought for £135M in 2017.
