Former Savile Row police station sold to European developer for £50m
European real estate firm CPI Property Group has bought a former police station in Savile Row, in a deal that is thought to be worth around £50m.
The firm, which owns property in Berlin, Prague and Warsaw, said the recently decommissioned West End Central Police Station at 27 Savile Row has been “acquired as a development opportunity”.
CPI is exploring options to create office, residential or a mixed use scheme in the nine-storey building.
City PM understands that the deal price was around £50m, and that the acquisition has a gross development value of around £150m to £200m.
Frankfurt-listed CPI has a European portfolio valued at more than €10bn, primarily focused on offices, followed by retail, residential and hotels.
Its UK properties are worth more than £200m, including residential assets in prime central London locations including Hampstead, St John’s Wood, Mayfair and Notting Hill.
David Greenbaum, CPI’s finance chief, said: “27 Savile Row is an iconic asset in London’s Mayfair that offers superb long-term value.”
The property firm was advised by Michael Elliot on the deal.