New | Hong Kong investors set sights on St James’s Square, as office prices at home go through the roof
The recent purchase of no. 3 St James’s Square, by Joint Treasure International for £135 million, is the latest in a series in the Georgian-designed quadrangle by Hong Kong parties
As Hong Kong asset prices continue to break all-time highs, some of the city’s richest families and listed firms are believed to be scrapping it out for trophy assets in one of London’s most prestigious office locations: St James’s Square, home to the headquarters of a number of well-known businesses including BP and Rio Tinto.
The still-weak pound and higher yields are making property right across the UK capital highly attractive.
The recent purchase of 3 St James’s Square is only the latest in a series in the Georgian-designed quadrangle by Hong Kong parties.
Joint Treasure International, which is backed by a number of major Hong Kong names, paid £135 million (US$ 174.33 million) for the site, bringing total Hong Kong purchases there to £579 million (US$747.66 million) since January, property sources told South China Morning Post.
“We believe there were more than 20 investors looking at it (3 St James’s Square) some of which were from Hong Kong,” said Thomas Yiu, a senior advisor to Joint Treasure International.
“By acting swiftly and preparing our underwriting well ahead, we managed to take it off the market through a pre-emptive bid before agents had a chance to call for offers from other buyers,” he said.