Stenham Property has purchased four locations in Mayfair, central London.

The £31.3 million ($51 million) purchase of  73, 74 and 75 Grosvenor Street and 8 Bourdon Street translate into an initial yield of 6.75 per cent and a capital value of £724 per square foot. 

The Grosvenor Street properties are occupied by Estee Lauder Cosmetics while the Bourdon street location houses auctioneer Sothebys.

“The fundamental premise on which successful property investment is based is location and thereafter timing. We believe this portfolio represents an opportunity to acquire a portfolio of quality properties in a prime location at prices more than 50 per cent below the highs of the last up-cycle, which ended in approximately mid 2007,” Paul Arenson, managing director of Stenham Property commented.

The purchases follow the launch of Stenham’s fourth UK property fund, created to exploit low prices of the currently weak property market.

The investment manager’s property fund management arm currently has approximately £1.7 billion assets under management.