Orchard Street Investment Management has completed the acquisition of an office and retail property in London for 拢36.5 mln (鈧�57 mln).
Orchard Street Investment Management has completed the acquisition of an office and retail property in London for 拢36.5 mln (鈧�57 mln).
The property at 64/76 New Oxford Street was sold in an off-market transaction by Jaro Real Estate, a private equity property company which purchased the property in 2011 on behalf of private clients.
The price paid by Orchard Street reflects a net initial yield of 4.1% on completion of final office lettings. The purchase was carried out on behalf of St James鈥檚 Place Wealth Management
Located near the new Tottenham Court Road Crossrail Station which is scheduled for completion in 2018, 64/76 New Oxford Street comprises 17,729 sq ft (1,650 m2) of Grade A offices with two retail units on the ground floor. The retail units are let to Pret a Manger and Itsu while the first floor of offices is let to Active International and the remaining three floors, recently refurbished, are currently being marketed at quoting rents of 拢70.00 per sq ft.
Nightingale Partners represented Orchard Street Investment Management. Colliers represented Jaro Real Estate. David Hanrahan at Colliers is currently acting as letting agent on the office element.
