A fund advised by JP Morgan Asset Management has sold a mixed-use, riverside property in West London to Orchard Street Investment Management for £64.5 mln (€77.6 mln).

A fund advised by JP Morgan Asset Management has sold a mixed-use, riverside property in West London to Orchard Street Investment Management for £64.5 mln (€77.6 mln).

The deal reflects a net initial yield of 4.90% and £485 (€583 mln) per sq ft capital value.

The 12,350 m2 estate fronts the river Thames and serves as the headquarters of online market place eBay. It was acquired by JP Morgan Asset Management in 2008 with the aim of capitalising on an expected recovery in both the capital and occupier markets.

Together with asset manager Exemplar Properties, JP Morgan implemented a series of value-add initiatives, including refurbishments and improvements to the common parts, lease regears and renewals.

The property comprises six self-contained office blocks, eight high street retail units, three bars/restaurants, 28 long leasehold flats, a boathouse and 122 parking spaces.

Other office tenants include Serco and The Vitec Group. Occupiers within the retail and leisure element include Pitcher and Piano, Phase Eight and Whistles.

‘We purchased this exemplary asset at the depths of the financial crisis with an aggressive business strategy to refurbish, lease-up, increase rents, and renew the eBay leases. We are pleased to have executed on the business plan and delivered strong performance to our investors with this transaction,’ said Bradley Larsen, JP Morgan Asset Management’s co-head of acquisitions for real estate Europe.

CBRE advised JP Morgan Asset Management and Exemplar Properties. Jones Lang LaSalle acted for Orchard Street Investment Management.