Sidra Capital, the global investment firm, has completed the sale of the 33,000-square-foot 4-5 Buckingham Gate in London to Italy for a new embassy.
CoStar News revealed in February that the Embassy of Italy had quietly bought the building for £45 million in an owner-occupier acquisition. At the time of sale, the property was vacant.
Planning has already been submitted by CBRE on behalf of the embassy of Italy in London as well as the Italian Institute for Culture and Italian Trade Agency for change of use from an office to an embassy.
It is unclear if the embassy will vacate 4 Grosvenor Square, a site it has occupied under a 200-year long leasehold since 1931.
Sidra Capital said the transaction highlighted its expertise in "acquiring, refurbishing, and executing complex real estate transactions with government entities". It said a transparent and collaborative approach from all parties was required for the "multi-year redevelopment project".
The property is opposite Buckingham Palace and surrounded by some of London's most prestigious homes.
Sidra Capital bought the Grade II-listed freehold property in 2021 and undertook a two-year interior and exterior refurbishment to bring it up to an EPC A rating, making it one of the first Grade II- Listed properties in London to achieve the rating. The property is now branded The Palace Gate as the closest office space to Buckingham Palace.
Jesdev Saggar, managing director, head of UK office at Sidra Capital, added in a statement: “We are proud to have played a pivotal role in transforming this Grade II-listed site into an EPC A landmark opposite Buckingham Palace."
JLL advised Sidra.