Pollen Buys $14.7-M Central London Lease

LONDON-The leasehold in a 20,840-sf central London building comprising seven floors and two retail units has been sold by Benchmark Group to freeholder, The Pollen Estate, for £8.8 million ($14.70 million).

The lease on 18/19 Savile Row has 49 years remaining at a fixed rent of £4,000 ($6,800) per annum and currently produces a total income of £704,000 ($1.2 million) per annum. Benchmark is also working with the Pollen Estate on plans to redevelop neighbouring Melrose House at 4-6 Savile Row.

Mike Jones of Drivers Jonas, advisers to the Pollen Estate said: “This purchase gave the Estate the opportunity to obtain greater control at a time when we consider there are good prospects for rental growth.”