Stenham, the global fund manager, has bought 52 Grosvenor Gardens for less than half price of its original value, from the Duke of Westminster's property company, Grosvenor Group. The 93,601square foot leasehold was on the market for £57m a year and a half ago.

Paul Arenson, managing director of Stenham Property said: "As a consequence of the turmoil in the financial sector and downturn in the wider economy, we believe value is beginning to return to the UK commercial property sector."