A private Middle Eastern investor has purchased 55 New Oxford Street in London from Standard Life for £35.5mln (EUR 44mln), reflecting a net initial yield of 6.09%. The property was originally marketed in November at £43.2mln.
A private Middle Eastern investor has purchased 55 New Oxford Street in London from Standard Life for £35.5mln (EUR 44mln), reflecting a net initial yield of 6.09%. The property was originally marketed in November at £43.2mln.
The freehold office property, which was substantially refurbished in 2005, totals 4,320 m2 over lower ground, ground and eight upper floors. The main tenants are Twentieth Century Fox and Takeda Pharmaceuticals on 10-year leases granted last year. The total annual rental income generated is approximately £2.3mln.
Standard Life was advised by Godfrey Vaughan. Savills acted for the buyer.
