Sat, 18 May 2013 | BUSINESS SALE
The Kensington Roof Gardens, one of the more exclusive venues in London, has been sold in a deal worth £225 million.
Previously owned by a Singaporean consortium, the gardens have been bought by German family, the Conleys, who already own the Liberty department store on Regent Street and Manchester United's London office in Mayfair, making the Roof Gardens a suitable acquisition to expand their London portfolio.
The buyers are thought to have paid around £25 million over the asking price, according to reports from Estates Gazette. They made the bid through their investment vehicle Sirosa and are thought to have been bidding against a number of Middle Eastern and European investors. However, it has taken some time for the selling agents Jones Lang LaSalle to find a suitable buyer - the owners first instructed them to put the property on the market back in January.
The new owners will acquire the business with a pretty secure tenant already in place: Sir Richard Branson has rented the gardens since 1981, operating a high-end night club, bar and dining establishment that attracts London's elite.
The 1.5 acre Grade II-listed gardens were originally laid out between 1936 and 1938. They are some of the largest of their kind in Europe and are well-known for their flowing stream and flock of flamingos. The venue has hosted the annual pre-Wimbledon tennis party and has also become a firm favourite of the Royals, with Princes William and Harry and Princesses Beatrice and Eugenie known to have attended.
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