Bank branches are being shut by the hundred across the country but at one of London’s most exclusive addresses — One Hyde Park — they’re still very much in demand.
The Evening Standard understands that a European investor has bought Abu Dhabi Islamic Bank’s prestigious branch at the £1 billion development created by the property tycoon Candy brothers, for £27.5 million — a £10 million rise on when it was last sold six years ago.
The undisclosed buyer paid the cash to a private Turkish vendor for the ADIB branch at 100 Knightsbridge, next door to Rolex’s store and McLaren’s supercar showroom.
The new owner will get rental income of nearly £900,000 a year from the investment and the deal underlines the huge demand for commercial property in London despite Brexit uncertainties.
Jonathan O’Regan at selling agent Savills said: “The price reflects the premium nature of the asset with One Hyde Park being London’s most recognised luxury address.”
Sheikh Khalid Bin Zayed Al Nahyan, a member of the Abu Dhabi royal family, joined Prince Andrew, The Duke of York, to open the ADIB office when it opened in 2012.
