German investor Caleus makes first UK acquisition with value-add project on Dering Street, London, W1

Boasting a prominent position in between Bond Steet and Hanover Square, opposite the Elizabeth Line entrance, the multi-let property totals 34,431 sq ft (3,199 sq m) of office, gallery and leisure accommodation over seven floors. The building has a current passing rent of £2.1 million per annum - reflecting just £61.25 per sq ft - and presents an attractive opportunity for a full redevelopment following the block date in July 2024.

Anthony Golosetti, Managing Partner at Caleus, says: "At Caleus our DNA is in strategic investments in well-connected office locations where we can create high quality sustainable assets for communities. London is the main focus of our outbound investment strategy and we intend to accelerate our pace of acquisition in the city. Dering Street is a great canvas to deliver a best in class, ESG-centric asset where the quality of design matches the strength of the location."

James Purdon, Central London investment director at Savills, which advised Caleus, adds: "This is one of the very last value-add opportunities in the much-coveted Hanover Square vicinity; our client's strategy is to deliver exceptional buildings in the best locations; this project aligns entirely with that aim."

Savills represented Caleus while JLL advised the Legal & General.