Orchard Street Investment Management has completed the acquisition of a new-build office asset in the Soho district of London for £54.4 mln (€63.5 mln), reflecting a yield of 3.96%.
Orchard Street acquired the asset at 25 Great Pulteney Street on behalf of wealth manager, St James's Place. The vendor was F&C Commercial Property Trust, managed by BMO Real Estate Partners.
Recently redeveloped, the seven-storey building provides 32,500 sq ft (3,000 m2) of Grade A office accommodation with four roof terraces. The property is fully let to WPP, CarVal Investors, Medicxi Ventures and Zebedee Capital Partners with rents ranging from £70.00 to £96.50 per square foot for the upper floors and has a WAULT of six years.
Tom Chadwick at Orchard Street, commented: '25 Great Pulteney Street is an outstanding fully let office building occupying a great spot in Soho which continues to thrive, making it an excellent addition to the portfolio.'
Daniel Plummer at BMOREP acting for FCCPT, added: 'FCCPT developed this property in 2011 and has now crystallised the value created. The sale has also reduced the Company's exposure to Central London and allows capital to be deployed elsewhere.'
Orchard Street was advised by Savills, while FCCPT was advised by Strutt & Parker.
