Mayfair, London – 31-33 North Row


31, 32, 33 & 34 North Row, has been exchanged and is set for completion on January 31st between Grosvenor Estate and Bedrock Group. Tuatara, a commercial estate agency, represented Bedrock Group in acquiring the property and is currently managing the open market sale of 31 North Row as a commercial office, jointly marketed with Robert Irving Burns. As of now, 32-33 has not been publicly marketed and has been solely presented to Shanly Finance as an off market opportunity. The commercial tenants are under leases—33 (convenience store) has been served notice and is outside the act, while 32 (William Hill) is within the act, on a rolling contract, and requires a six-month notice period to vacate.

The purchase price for all three is £8,00,000.

Properties 32 & 33 currently have a mixed-use configuration, featuring commercial premises at the ground floor level and the rear of the first floor. The first to third floors comprise 3-bedroom flats. The condition of the flats varies, with 33 being in a dilapidated state, while 32 is in lettable condition. 31 is a commercial use only.

Base Case Scenario

Gross Development Value £ 13,180,000
Cost of Land £  8,744,000
TOTAL COSTS £ 10,715,000

Scheme Details

The appraisal is based on a base case scenario involving purchase, refurbishment, and resale, along with securing new commercial tenants with a landlord contribution to fit-out (so all refurbishments done at one time). The likely uplift is based on a full strip out and reconfiguration, including a mansard roof lift to utilise the current 3rd floor more efficiently, this brings the profit to 25%.

Addressing the street attractiveness, the street would undergo a positive transformation, through the removal of the convenience store and betting shop. Furthermore, the addition of Crown Resorts’ European office (owners of Nobu Hotels), to be located in 34 North Row, and the repurposing of 25 North Audley Street into a multi-floor, brand-new private members club by Grosvenor, contribute to making the street an attractive, tucked-away street.

The property is sold as a new long leasehold with a peppercorn rent for a term of 150 years. Shanly Finance has applied for a license to alter the existing building, and Grosvenor approved, subject to contract.


Situated in Mayfair, on North Row off North Audley Street, parallel to Oxford Street, this property is located in most prestigious district in London.

Investment Returns Structure

Profit distributions will be structured to maximise investor returns and incentivise the developer.

Investment Term 12 Months
Investment Amount £ 9,648,000
Investor Contribution 90%
Profit Split to Investor 75%
Return Goals Developer Promote Investor Returns
Preferred 10% £1,033,000
1st Hurdle 15% 25% £1,420,000
2nd Hurdle 20% 30% £1,781,000
40% £1,876,600
Profit on Cost 18.2%

Investment Strategy

After the acquisition, refurbishment, and tenanting of the commercial units, the development can be sold either in part or as a whole, or retained to generate rental yield, depending on investor objectives. The investor will retain the first charge on the entire property.

As with most of our deals, Shanly Finance is open to investing some of their own capital into the deal if the investor is willing.

Shanly Finance International is committed to providing consistent and transparent communication throughout the project lifecycle, ensuring investors are kept informed of key developments and performance metrics.

Developer Overview

Artform is a London-based design-led developer and project manager. With a history of successful collaboration, we’ve worked together to deliver exceptional projects.

They’ve created almost 100 new homes and 20,000 sq. ft. of commercial space in the city. As well as developing their own schemes, they also offer project management services.

The Artform team comprises experts spanning every facet of the development industry.

Your Contact

Stephen Shanly
Stephen Shanly

CEO, Shanly Finance