Sir Will Adderley’s Marlborough Property Company has bought the freehold, mixed use site in the heart of the Harley Street Medical Area, which traded for the first time in 44 years.

After a competitive bidding process, Arax Properties, in joint venture with an institutional partner, sold the once in a generation opportunity, comprising more than 260,000 sq ft of which almost 170,000 sq ft is in the immediate control of the Freeholder offering substantial asset management opportunities. The estate includes 3-acres of subterranean car park let at only £4.11 per sq ft with the potential for medical or urban logistics redevelopment.

Giles Morse, Partner, Arax Properties added: “We are delighted with the outcome of this marketing process and now our joint venture will look forward to building a portfolio reflecting our shared focus on creating best-in-class central London office buildings.”

Arax Properties were advised by RX London and Kieran D Cotter & Co represented Marlborough Property Company.