Wed, 24 Oct 2012 | COMMERCIAL PROPERTY
Contracts have been exchanged on the commercial property at 385-389 Oxford Street.
The London W1 address was held by F&C Commercial Property Trust. But this week (22 October) the firm exchanged contracts on its long leasehold interest for £28.1 million.
Boots UK rents the entire property on a lease that expires in June 2019. It provides an annual passing rent of over £1 million, which the new leaseholder will clearly benefit from.
The sale price is slightly above the last external valuation, which came in at £23.9 million, reflecting an initial yield of net 3.62 per cent. It is likely that the growth reflects a strong current of demand from overseas investors looking for Central London retail properties at the moment.
Indeed, the buyer has remained anonymous but the firm has stated that the sale has taken advantage of overseas demand for London property.
F&C are thought to be putting the capital from the sale into new opportunities in order to seek out a higher income return.
Bring to the market this leasehold specialist car sales and servicing facility located in Horncastle, Lincolnshire. The trade was established as a limited company in 2005.
LEASEHOLD
The company is an online vehicle purchasing platform, providing a fast, hassle-free car-selling service for the end user. A competitor to the likes of webuyanycar.com and Motorway, the company is a well-established online vehicle purchasing platform...
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