Global Holdings Group, the office, hotels and luxury residential developments investor, has completed its purchase of Vogue House from Condé Nast.
The Mayfair property comprises 62,777 square feet of office and retail in a landmark building. Occupying a substantial corner site at the southern side of Hanover Square, the building is in the heart of London’s West End, and is close to the recently-opened Elizabeth Line nearby. The building will be renamed 1 Hanover Square.
The price paid has not been disclosed but is thought to be close to the guide of £70 million.
Josh Lawrence, chief executive of Global Holdings Management Group UK, said in a statement: “Global Holdings continues its track record of acquiring notable properties, including recent transactions in London such as Eden House and 16 Whitfield Street. The building is a tremendous addition to our extensive real estate portfolio.”
Condé Nast Publications, the owner of upmarket fashion magazines including Vogue, Glamour and Tatler, has been advised by Knight Frank on the sale of the long leasehold.
In January last year, Condé Nast confirmed it was relocating all staff to offices in Covent Garden. The following month Spanish investment giant Pontegadea signed the publisher for 75,000 square feet of offices, a near-doubling of its space, at the Adelphi Building. Condé Nast first moved into 41,000 square feet on the basement and eighth and ninth floor in 2018.
A shop fronting Hanover Square is let to noodle chain Itsu at a rent of £90,000 a year, expiring on 24 March 2025. Itsu entered into a company voluntary arrangement on 31 July 2020 and the rent was reduced to £75,000 a year.
The building is held long leasehold from The Church Commissioners for England, expiring on 24 March 2108.
There is a consent for an Orms-designed scheme that proposes a refurbishment and extension of the existing building with a total proposed area of 88,074 square feet and six floors with external private terracing.