October records the highest level of new sale listings by investment volume
Savills recorded £437 million of investment volume across seven transactions in October. Cumulative investment trades now stand at £4.3 billion year to date (YTD), with an average lot size of £46 million, down 7% on the ten-year average and up 22% on the five-year average. Last year recorded £4.4 billion in overall sales. We anticipate the year-end total for 2025 could reach as much as £5.5 billion.
GPE has sold 1 Newman Yard, W1, to Royal London for £250 million, reflecting 4.48% and £2,059 per sq ft, representing the largest single-asset trade YTD in the West End. The property was originally available off-market in November 2023 when they were seeking a yield in the low-4% range. The building was redeveloped in 2021, providing 121,252 sq ft of Grade A office and flagship retail accommodation. The building features private and communal roof terraces and is multi-let to five office tenants and four retail tenants, generating a total rent of £11.9 million, including turnover, and providing a WAULT of 6.4 years to the earliest tenant break options.
Another notable transaction in October was Lai Wing-to’s sale of the freehold interest in Standbrook House, 2–5 Old Bond Street, W1, to Aberdeen for £120 million, reflecting 3.88% and £5,079 per sq ft. The building comprises a mixed-use office, retail and residential property providing 23,625 sq ft. The retail units are let to Richard Mille and Tod’s, and the offices are multi-let to four tenants. The property was originally under offer at £170 million to the retail tenant, Richard Mille in 2023. The property was then formally marketed as part of a three-property portfolio, but failed to sell. The property was subsequently re-marketed in March 2025, quoting £150 million, 3.25% and £6,349 per sq ft. It went under offer to Ares in July 2025 before being acquired by Aberdeen.
These two transactions bring the number of £100 million+ trades to nine, at a combined investment volume of £2.2 billion, more than half of the total investment volume for the YTD. Notably, £1.5 billion of this has been acquired by institutional capital, reflecting the continued focus from larger funds on scale opportunities at a time when there is limited market depth for larger assets.
Savills has advised on the sale of the freehold interest in 13–14 Curzon Street, W1, for £35.9 million, reflecting 3.34% and £2,808 per sq ft. This prime Mayfair headquarters building comprises 12,785 sq ft of office and retail accommodation. The offices are single let to Argyll Management Limited (which was recently acquired by Crosstree) and the retail unit is let to Blank Street Limited with an average rent received over the last three years of £1,280,837 per annum and provides a WAULT of 11 years.
October recorded the highest level of newly marketed sales by investment volume YTD, with £1 billion across 14 assets brought forward. Combined with September, this brings total new availability to £1.8 billion, representing 47% of the £3.8 billion currently formally marketed. This is broadly consistent with the levels recorded in 2021 and 2022, but is nearly double that of 2023.
Four £100 million+ sales, formally marketed in October, include Savills advising Starwood Capital Group on the sale of St Christopher’s Place, W1 (£265 million, 4.40%, £1,803 per sq ft), and Tristan Capital and Greycoat on the sale of Stirling Square, 5–7 Carlton Gardens, SW1 (£227.5million, 5.00%, £2,431 per sq ft). Others include Berkeley Estate Asset Management’s (BEAM) sale of 72 Welbeck Street, W1 (£165 million, 4.40%, £1,450 per sq ft), and TPG Angelo Gordon’s sale of Marylebone Place, 1 Wyndham Street, W1 (£152.8 million, 4.50%, £2,037 per sq ft).
Savills’ prime yield remains at 3.75%, while the five-year SONIA swap rate stands at 3.58%.