When you wonder what the world’s richest man under 30 owns in Australia surely property would be one of the first things you think, and Sydney property at that.
Hugh Richard Louis Grosvenor – the 7th Duke of Westminster became the richest man on Earth under the age of 30 after his father Gerald died last year of a heart attack at the age of 64.
The inheritance of 53,863 hectares of the British Isles, including properties in London’s Mayfair and Belgravia, have been described as the “the longest silver spoon anyone can have”.
But just what did the young man find himself scooping up with that silver spoon in Australia?
Grosvenor, the private company of the Duke of Westminster, owns stakes in 320 Pitt Street with Goldman Sachs and locally listed group Propertylink. Photo: Peter Braig
The answer is some modest suburban office buildings in North Ryde and a stake in a whopping big office tower in Sydney’s Pitt Street, which could soon be up for sale.
The private company of the Duke of Westminster – Grosvenor – based on none other than Grosvenor Street, in London’s Mayfair, owns stakes in 320 Pitt Street with Goldman Sachs and locally listed group Propertylink.
That property was bought for about $200 million and held in the Propertylink Office Partnership No.2.
Then there is the North Ryde assets at 10-10a Julius Avenue, which the Duke holds in a joint venture with Propertylink in a trust called Propertylink Office Partnership No.3.
The Duke, whose wealth is estimated at about £8.65 billion ($11.62 billion), eclipsing that of the 27-year old Snapchat founder Evan Spiegel, now has a property empire scattered as far afield as Stockholm, Washington and Suzhou Riverbank in Shanghai.
The holding company Grosvenor looks to take majority equity stakes in invests both directly and indirectly.
However, there is now speculation that the major property 320 Pitt Street – majority leased to Telstra Corporation – is coming up for sale and could fetch as much as $280 million, providing a tidy profit for the Duke.