CBRE Investors sells London property for EUR 32m

CB Richard Ellis Investors said it has sold Mutual House on London's Regent Street for £30 mln (EUR 32 mln) to a private overseas investor.

The global real estate investment management firm said the building comprises three prime retail units on the ground floor, which are currently let to Ferrari Store, The Pen Shop and Church’s Shoes. In addition, there are six floors of refurbished office accommodation. The 27,187 sq ft of space was sold at a yield of 5.4% and although one of the retail leases was recently surrendered, a new 15-year lease has been agreed with a 10-year break option at a higher rental level.

Commenting on the sale, Richard Everett, senior director, UK Managed Accounts Group said: 'We are very pleased to announce the sale of the Regent Street building, which is a prestigious retail location in the heart of London’s West End. This transaction demonstrates the demand for prime retail and office space as buyers are re-entering the UK property market.'