London property sold for £76 million.
Mixed use commercial property sold by Irish investment funds.
A mixed use development based on Oxford Street has been sold in a successful deal carried out by two high profile Irish investment funds. The property, located at Sedley Place, has been sold for an astounding £76 million by private clients of the Anglo Irish Band and Wealth and Property Solutions Ltd (WAPS). The new deal represents a net yield for the joint venture of 4.27 per cent.
The building is currently being used mainly for retail space with clients such as Boots taking up the majority of the commercial property. The Oxford Street based building was bought by the Irish joint venture from London Corporation back in 2005 for around £69 million. WAPS previously held a 20 per cent stake in the property and managed to raise the rent on the property to an overall sum of £3.81 million up from £3.43 million.
Boots are currently the property’s largest lease holders renting a total of 83 per cent of the available space. The company also occupies the highest quality office space on the top floor or the five storey mixed use development. According to Kieran Gaughan of WAPS the company made the concious decision to keep a hold of the building throughout the recession and 2008/09 financial crisis. By doing so WAPS achieved a good level of rental growth and enhanced the overall investment value that the property held.
WAPS has been enjoying a series of successful deals this year including the sale of a large retail store in Berlin which is currently occupied by Zara. This was another relatively large deal as the commercial property sold on the market for €43 million.