Rockspring Property Investment Managers has completed the acquisition of 154/162 Tottenham Court Road and 33/37 University Street for £19.7 mln (€25 mln), reflecting an initial yield of 5.5%.

Rockspring Property Investment Managers has completed the acquisition of 154/162 Tottenham Court Road and 33/37 University Street for £19.7 mln (€25 mln), reflecting an initial yield of 5.5%.

The purchase was made on behalf of a separate account client.

154/162 Tottenham Court Road and 33/37 University Street is located in central London, in an area currently undergoing repositioning through the Crossrail project. The asset comprises 34,000 sq ft (3,160 m2) of predominantly retail space, let to a range of tenants including Bo Concept and HSBC with a weighted average unexpired lease term in excess of 16.5 years.

'This is a unique opportunity to acquire a prime retail asset in a central London location that will benefit from huge infrastructure investment. The knock-on effects of this investment should not be underestimated in terms of future footfall and critical mass,' commented Katie McDermott, assistant director.

Kitchen La Frenais Morgan advised Rockspring on the acquisition and BCM advised the vendor.