Commonwealth_ Mitsubishi Estate London has officially appointed global real estate advisor Avison Young to oversee the sale of one of its landmark assets, 70 Petty France. This office building, covering 92,000 sq ft and prominently located near St. James’s Park in Central London, presents a compelling opportunity for investors and developers alike. Owned by Mitsubishi for over a decade, the seven-story building has historically served as a base for UK government departments, including the Ministry of Justice and the Food Standards Agency. With the government’s lease due to expire later in 2025, the property is poised for a new chapter, offering significant potential through either a strategic refurbishment or a full change of use.
Given its freehold status and prestigious location in SW1, interest in 70 Petty France is expected to be high. The office market in this part of London has remained resilient, with recent trends indicating strong rental growth and increasing levels of pre-leasing activity. As companies look to reposition themselves in prime office locations post-pandemic, demand for well-located, high-spec space is on the rise. Avison Young, the appointed advisor for the sale, is highlighting the building’s flexibility and development potential. The structure lends itself well to both office and residential conversion scenarios. Professional feasibility studies have suggested possibilities to expand the existing structure by adding new floors or utilising its external areas more efficiently — making the site even more attractive to prospective buyers.
Dominic Amey, Managing Director of London Markets at Avison Young, notes that opportunities like this are increasingly rare in a sought-after location such as St James’s Park. The ability to acquire a substantial, freehold building in one of London’s most desirable commercial and residential districts is likely to attract a diverse mix of suitors. Potential buyers could include established office developers, mixed-use conversion specialists, or even owner-occupiers seeking a headquarters address with prestige and growth potential.
This sale comes as Mitsubishi Estate London continues to expand and evolve its London development pipeline. The company is currently engaged in several high-profile projects, including the nearby 1 Victoria Street—a 370,000 sq ft office development set to become a key fixture in Westminster’s commercial landscape. Other major projects include the redevelopment of 72 Upper Ground on the South Bank, formerly home to ITV Studios, which is being transformed into 570,000 sq ft of new office space. In the West End, Mitsubishi has also recently acquired 125 Shaftesbury Avenue, reinforcing its long-term commitment to London’s commercial property market.
These projects underline Mitsubishi Estate’s strategy to remain an influential force in the capital’s property sector. By divesting from assets such as 70 Petty France, which have fulfilled their initial leasing and investment cycles, the company can reallocate capital toward more ambitious, large-scale developments that reflect the evolving needs of modern occupiers.
The appointment of Avison Young to manage the sale also demonstrates a strategic alignment. As a leading real estate advisor, Avison Young brings a forward-thinking approach to property sales, backed by comprehensive market insights and a people-first ethos. The company is known for creating real economic, environmental, and social value across its portfolio of projects. As a privately held firm, it offers clients a high level of collaboration and commitment, helping them unlock the full potential of their assets.
Avison Young has received numerous accolades for its work, including being named to Canada’s Best Managed Companies Platinum Club for 11 consecutive years. With a global intelligence platform and integrated talent network, the firm continues to position itself as a trusted partner for clients navigating today’s dynamic real estate markets. As the sale of 70 Petty France moves forward, it represents not only a prime investment opportunity in Central London but also a sign of continued transformation in one of the world’s most competitive office markets.
