Commercial Finance Specialists

Stenham Property has sold its Grosvenor Gardens commercial development in Victoria, London for more than £40 million only nine months after purchasing it.

The development investment has been made by Aegon Asset Management, whose offer in December 2009 represented an uplift in value of 60 per cent.

Stenham had purchased the 93,000 sq ft leasehold property for £25 million from Grosvenor Estates in May 2009.

Paul Arenson, managing director at the property fund manager, underlined the effort that had been made to add value to the asset.

He said: "We are extremely proud of what we have achieved over these past nine months with 52 Grosvenor Gardens.

"Our achievements with this particular property demonstrate our prowess for investing in properties where real value can be added through an active asset management strategy."

In September, Stenham completed the purchase of four properties in the heart of London's prestigious Mayfair area.

The purchase at 73, 74 and 75 Grosvenor Street and 8 Bourdon Street was completed for a fee of £31.3 million.