Investment/finance | Retail | Estates Gazette
A pair of prime Oxford Street, W1, retail assets have changed hands for £59m in two separate off-market deals.
The 5,993 sq ft Intimissimi store was bought from Whithaven Holdings by a Hong Kong investor. The price reflected a 2.12% yield.
It is let to Intimissimi until 2018 at a zone A rent of £760 per sq ft, and has an ERV of £900 per sq ft.
The Doc Martin store was sold by M&G, and is let on a new 15-year lease at an £865 per sq ft zone A rent, reflecting a 2.25% net initial yield.
It sits next to a block owned by Selfridges, and has been earmarked as part of a possible wider future redevelopment site.
CBRE advised the purchaser on 368; Knight Frank advised vendor Whithaven Holdings.
Kieran D Cotter & Co and Cushman & Wakefield advised the purchaser on 386; M&G were unrepresented.