Chinese Estates Holdings has sold an office building in London’s prestigious Mayfair district to local developer and investor Oval Real Estate for £125.4 million.

The property at 14 St George Street in London’s West End was put on the market two months ago. This decision came after the freehold property’s average occupancy rate dropped to 81.7 percent in the first half of the year, down from 98.5 percent in 2023.

A spokesperson at Chinese Estates, said: “As the Group is principally engaged in, among others, property investment and development, the Disposal is in line with its strategy to make good use of and manage its resources to better develop its property portfolio. The Disposal allows the Group to re-allocate the proceeds for other investment opportunities when they arise and adjust, if needed, the overall strategy on its investment portfolio when the market conditions warrant.”