London’s most luxurious bank branch at One Hyde Park sold for £27.5m

Bank branches are being shut by the hundred across the country but at one of London’s most exclusive addresses — One Hyde Park — they’re still very much in demand.

The Evening Standard understands that a European investor has bought Abu Dhabi Islamic Bank’s prestigious branch at the £1 billion development created by the property tycoon Candy brothers, for £27.5 million — a £10 million rise on when it was last sold six years ago.

The undisclosed buyer paid the cash to a private Turkish vendor for the ADIB branch at 100 Knightsbridge, next door to Rolex’s store and McLaren’s supercar showroom.

The new owner will get rental income of nearly £900,000 a year from the investment and the deal underlines the huge demand for commercial property in London despite Brexit uncertainties.

Jonathan O’Regan at selling agent Savills said: “The price reflects the premium nature of the asset with One Hyde Park being London’s most recognised luxury address.”