Could commercial mortgage holders obtain high rents in Mayfair?

24 September 2010

Written by Gavin Elley

Commercial mortgage holders may be able to charge businesses high fees for the use of offices in Mayfair, as one investor has recently put workspace in the area on the market for record rents.

According to Property Week, Hines UK is asking for £97.50 per sq ft for the six-storey building.

Overall, the occupiers will be leasing 26,702 sq ft of space including a 3,480 sq ft two-bedroom residence.

The news provider reported a 2,000 sq ft retail area has already been rented by fashion designer Vanessa Bruno.

One Grafton Street - the name of the firm's asset in the West End - is expected to lease successfully at this record price, the information source reported.

"We are confident that it will attract the best tenants and rents for what is the best building in the Core," project director at the company Robbie Pitman told the news agency.

Hines was founded in the US in 1957 and opened its UK arm, which now owns in excess of three million sq ft of property - in 2000.

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