The West End of London Property Unit Trust has exchanged contracts to buy the freehold interest in North West House, 119-127 Marylebone Road, London, for £38.28 mln (€52 mln).

The West End of London Property Unit Trust has exchanged contracts to buy the freehold interest in North West House, 119-127 Marylebone Road, London, for £38.28 mln (€52 mln).

The vendor is J9 Properties, a wholly owned subsidiary of Alexander Dellal’s Allied Commercial Exporters.

Welput, which is managed by Schroder Real Estate and advised by Quintain Estates and Development, said the deal is in line with its strategy to expand outside of the core West End market across the whole of central London.

Welput said it has identified 'significant' asset management opportunities for the asset and intends to undertake a refurbishment or redevelopment of the building.

'This investment gives us exposure to a popular sub-market just north of Oxford Street and close to Marylebone Village which has low projected Grade A office supply and strong potential for continued growth,' said Nigel J. Kempner, investment director of Quintain Estates and Development.

North West House provides 3,690 m2 of offices and 2,296 sq ft of retail over basement, ground and seven upper floors and is entirely let to BHS Limited on a lease that expires in March 2017.

Welput was represented by Michael Elliott.