Wed, 20 Nov 2013 | COMMERCIAL PROPERTY
The Canadian High Commission's Mayfair diplomatic headquarters in Grosvenor Square is up for sale.
With a price tag estimated at £250 million, the seven-storey property comes with a prestigious address and distinguished frontage. The building was refurbished in 2010 and was only reopened by the Canadian High Commission in 2012.
Savills are to handle the sale of the commercial property, which is known as the Macdonald House building. A fair amount of interest is already being shown in the property and despite the fact that it doesn't yet have planning permission for a residential conversion, sources are suggesting that developers are still willing to take the risk due to the fact that the property could be worth at least £500 million if it was converted into flats.
One source told the Evening Standard: “If you were in Grosvenor Square this week you would see a steady stream of limos with blacked out windows all pulling up for people to have a look.
“The building needs a major refurb but you’re likely to see a lot interest from the Middle East, Asia, maybe India which should whittle down to around four or five serious contenders.”
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