Stenham adds 60% value to London office in nine months

Quick turnaround as Stenham Property exits an empty Central London office investment after refurbishing it and securing a letting

London-based property fund manager Stenham Property has added 60 percent to the value of an office it acquired just nine months ago.

The firm said it agreed to sell 52 Grosvenor Gardens in Victoria to an undisclosed buyer in December for more than £40 million. The deal has just completed. Stenham paid £25 million for it in May 2009.

Stenham acquired the 93,000 square foot property when around 40,000 square feet of its office space was vacant. Leases were due to expire on another 10,000 square feet.

All leases have now been renewed, the property has been fully refurbished and let to five new occupiers including property companies MWB and Capital & Regional, said Stenham.

In addition, service charges were reduced by more than 35 percent.