Savills has sold two retail assets at 138 New Bond Street and 40-41 Old Bond Street in London to private investors, on behalf of British Airways Pension Fund. The total price for the assets was just over £28 mln (EUR 32 mln).
Savills has sold two retail assets at 138 New Bond Street and 40-41 Old Bond Street in London to private investors, on behalf of British Airways Pension Fund. The total price for the assets was just over £28 mln (EUR 32 mln).
138 Bond Street is let to Italian fashion house Missoni on a new 15-year lease at £310,000 per annum for the 2,539 sq ft (235 m2) property. The asset was purchased by a UK investor for £9.5 mln, which reflects an initial yield of 3.08%.
40-41 Old Bond Street is let in its entirety to French jewelers Cartier with an eight years remaining on the lease. The current rent is £540,000 per annum for the 4,669 sq ft property. The property was purchased by an Irish investor for £19 mln, which reflects an initial yield of 2.74%.
'Bond Street continues to accommodate the highest quality luxury retailers in London and the rental growth prospects continue to attract many investors,' said Savills' associate, Jonathan O'Regan. 'Both these properties were sold for prices substantially above the quoting price and we expect the trend will continue.'
This week Savills has also brought to market the Rolex flagship store in Knightsbridge. The 2,781 sq ft store, a freehold investment, forms part of world famous residential development One Hyde Park. Offers are sought in excess of £12.5 mln.
