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.
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