70 New Oxford Street
Acquisition of 70 New Oxford Street, London WC1
Orchard Street Investment Management has bought an office block on New Oxford Street for £36.5m. The fund manager, acting on behalf of St James's Place Wealth Management, has purchased 64-76 New Oxford Street from Jaro Real Estate.
The deal reflects a reversionary yield of 4.1% once the remaining office space is let. 64-76 New Oxford Street, which was extensively refurbished, comprises 17,729 sq ft of grade-A offices with two retail units on the ground floor.
The retail units are let to Pret a Manger and Itsu off rents reflecting £97 zone A and £140 zone A respectively. The first floor of offices is let to Active International at £67.50/sq ft and the remaining three floors are being marketed at quoting rents of around £70/sq ft.
Nightingale Partners acted for Orchard Street Investment Management.
