The bulk of the Old Park Lane building home to Nobu’s first UK restaurant has been sold for over £70 million by Malaysian investment group Genting.
Its freehold interest in 19 Old Park Lane was acquired by DTZ Investors on behalf of Strathclyde Pension Fund.
Part of the property remains owned by a private investor. The deal is for the majority of space used by the Colony Club casino, COMO Metropolitan Hotel, serviced apartments, and part of the Nobu restaurant.
Marc Nelson, director of hotel investment properties at CBRE, which advised Genting on the sale, said: “Having the chance to own prime Mayfair real estate on one of the most well-known and prestigious hotel locations in the world is extremely rare and always presents as an exceptional opportunity.”
He added: “We received significant interest from both domestic and international capital sources, demonstrating that the prime London market and the hotel sector remains buoyant.”
Tony Brothwell, fund manager at DTZ Investors said: “We have been looking to purchase a secure, prime central London hotel investment for some time and this is just about as good as it gets.”
Knight Frank advised the buyer.
Property investors have long been attracted to steady rental incomes from Mayfair commercial real estate.
