Cosgrave Group appoints CBRE to sell Oxford St.assets

Irish developer Cosgrave Property Group has appointed CB Richard Ellis as the sole selling agent for two assets it owns on Oxford Street in London after a number of prospective purchasers expressed an interest.

The proposed sale includes Jubilee House (197-213 Oxford Street) and 215-219 Oxford Street. The investment comprises a full freehold island site of about one acre (0.4 of a hectare), which can be sold as one or two lots. The property, which Cosgrave acquired four years ago, also benefits from the opportunity for medium to long term redevelopment, CBRE said.

According to Fergus Keane of CB Richard Ellis: 'Cosgrave have effected various successful asset management initiatives including the surrender of Superdrug, re-let to River Island, the acquisition of 215-219 Oxford Street completing 'the island', the refurbishment and re-letting of the 1,850 m² of offices for Christies, and the completion of various reviews since purchase. Whilst a number of asset management initiatives remain to be progressed, including the long-term development potential, Cosgrave Group view the current market as providing exciting opportunities for the redeployment of capital to development projects both in the UK and in Ireland.

'Although the investment characteristics of this asset will make it very attractive to institutional investors, in recent years, prime freehold Central London assets such as this have largely been bought by sovereign wealth or high net worth players as long term investments. As such, there are diminishing supplies of such stock and trophy freehold opportunities such as this are rare,' Keane said.

Cosgrave Group have been investing in the UK market over the past five years and have bought and sold a number of property investments in this period. The group intends to keep a strong foothold in the Greater London market and continues to hold a number of other prime investment properties in the capital city, including Oxford Street.