Orchard Street Investment Management has completed the acquisition of 141 Wardour Street, a prime mixed-use asset in Soho, London for £55 mln (€62 mln).
The purchase price reflects a net initial yield of 4.31% and the acquisition was made on behalf of St James’s Place UK.
The freehold property dates back to 1931 and was redeveloped behind a retained façade in 2001, providing 34,000 sq ft (3,160 m2) of office and retail accommodation across six floors. The building is fully-let to two tenants and provides a total rent of £2.5 million per annum.
The property provides a WAULT of 10.6 years with Moving Picture Company, the film production studio, occupying the entirety of the offices and Princi, an Italian restaurant and bakery part-owned by Starbucks, operating across the ground and basement floors.
Located in the heart of the West End’s Soho district, the property is expected to benefit from the opening of Crossrail at nearby Tottenham Court Road in 2019.
The property was previously managed by Roebuck Asset Management, who had advised on its acquisition in 2011 and acted for the vendor in the sale.
Orchard Street was advised on this transaction by Colliers International. The seller was unrepresented.
