ADIB Abu Dhabi Islamic Bank’s branch office at One Hyde Park has been sold to an undisclosed European investor for £27.5m, it is reported.
The investment will earn its new owner a rent in the region of £900,000 pa.
In reality much more than just a bank branch, the property is located in one of London’s most prestigious commercial and residential developments.
Jonathan O’Regan at Savills who handled the sale said: “The price reflects the premium nature of the asset with One Hyde Park being London’s most recognised luxury address.”
One Hyde Park, 100 Knightsbridge, was developed 10 years ago in a joint venture between the Christian Candy-owned CPC Group and Sheikh Hamad bin Jassim bin Jaber Al Thani. Apartments in the development started at £20m and the entire site is thought to be worth around £1bn.
It’s probably true to say that its new owners have purchased an investment they can bank on in more ways than one.