London's American Embassy building in Grosvenor Square has been put on the market following the US Department of State's decision to acquire a new site on the South Bank of the River Thames. The building occupies the entire western end of Grosvenor Square and covers a gross area of some 25,200 m[sup]2[/sup] arranged over five floors.
London's American Embassy building in Grosvenor Square has been put on the market following the US Department of State's decision to acquire a new site on the South Bank of the River Thames. The building occupies the entire western end of Grosvenor Square and covers a gross area of some 25,200 m2 arranged over five floors.
Cushman & Wakefield, which was hired to manage the sale process, said on Thursday that the US Department of State is offering for sale its long leasehold interest in the building granted by The Grosvenor Estate in 1954. The lease is for a term of 999 years. C&W added that expressions of interest will be sought towards the end of November.
The disposal of the Embassy is conditional on the acquisition and development of the new site in Battersea and dependent upon congressional approval as well as securing planning permissions from the London Borough of Wandsworth.
Zoe Bignell, head of West End Development at C&W said: 'This is a remarkable opportunity to acquire a unique site in an internationally renowned square in London's most prestigious area. We are expecting interest from around the world and will be seeking a purchaser with the experience, expertise, financial capability and commitment to maximise the potential of the site.'
Earlier this month the US State Department signed a conditional agreement with real estate developer Ballymore to acquire a site in the Nine Elms Opportunity Area in Wandsworth for the construction of the new US Embassy.
