Investment Transactions Services in London - Page 2

Acquisition of Hovis London Bakery, Mitcham, Greater London

The freehold interest in the Hovis (London Bakery) located at Ellis Road, Mitcham, Greater London has been purchased for £4,935,000 by Altum Capital from Mansford LLP.

The property, located in the London Borough of Merton, comprises a warehouse with ancillary office accommodation totalling 32,586 sq ft and is let for in excess of 10.5 years to the 5A1 rated covenant of Hovis Limited at a rent of £281,950 pa.

“The purchase is in line with Altum's strategy to acquire good quality real estate, within core locations across the UK,” said Jack McCarron, Investment Manager at Altum Capital. “We are happy to have secured this industrial investment located within Greater London, which is well let and possesses strong rental growth prospects.”

For further information contact Rupert Mitchell.

Press Release
Jan 2016

CoStar News
Jan 2016

Disposal of One Elmfield Road, Bromley, BR1 1LU

A wholly owned subsidiary of CLS Holdings plc has acquired the freehold interest in One Elmfield Park, Bromley BR1 1LU from Aviva Investors, for a figure of £4,525,000 (Four Million Five Hundred and Twenty Five Thousand Pounds).

The property is situated close by to Bromley South Railway Station and comprises c24,000 sq ft (2,238 sq m) of offices, together with 12 on site car spaces.

The property produces a total income of £350,313 per annum reflecting £14.75 per sq ft, with the majority of the leases running to July 2016.

The purchase price of £4,525,000 reflected a net initial yield of 7.32% and a capital value of £188 per sq ft.

For further information contact Richard Pope.

Press Release
Jan 2016

CoStar News
Jan 2016

PropertyWeek
Jan 2016

Disposal of 117 Bushey Mill Lane, Watford

The freehold interest in 117 Bushey Mill Lane, Watford has been disposed of for £2,850,000 by Wallop Estates, representing a net initial yield of 8.53%.

The property dates in the main from early to mid-1970's construction, whilst a small part dates from the 1930's.

The property provides a gross internal area of 24,327 square feet and is let in its entirety to McNicholas Construction (Holdings) Ltd for a further 3.25 years at a rent of £256,977 per annum.

The property has planning permission for the demolition of the existing buildings and erection of new units B1, B2 and B8 with service yard and car parking totalling c.27,000 sq ft.

For further information contact James Turner.

Press Release
Jan 2016

CoStar News
Jan 2016

Acquisition of 22 Bruton Street, Mayfair

The leasehold interest in 22 Bruton Street, London, W1 has been purchased by a private client of Nightingale Partners for in excess of £7,000,000.

The property is located in the heart of Mayfair on the north side of Bruton Street, looking over Berkeley Square. It comprises a prime Mayfair office, retail and residential investment, extending to 10,419 sq ft (967.98 sq m) and is held under a head lease expiring in 2029 at a fixed rent of £300 per annum.

The property is let to a number of high profile office tenants with a prime retail unit trading as Maison Margiela on the ground floor.

The total net income from the office and retail elements is £598,500. The residential element is currently vacant.

For further information contact Richard Pope.

Acquisition of Retail Parade on Goodramgate, York

The freehold interest in 63-73 Goodramgate, York, has been acquired by JRRT (Properties) Limited from Town Centre Securities Plc.

The property is located in a busy trading location within the heart of the historic Cathedral city of York, close by to York Minster. It comprises a terrace of two large retail units let to Tesco Stores Limited and Bonmarche Limited, together with a café and restaurant, extending to approximately 16,696 sq ft (1,578.9 sq m).

Approximately 80% of the income is secured to Tesco Stores Limited and Bonmarche under leases extending until at least June 2022, off passing rents equating to approximately £55 Zone A.

The total current income is £232,000 per annum. The purchase price of £3,550,000 reflects a net initial yield of 6.18%.

For further information contact Richard Pope.

Acquisition of High Street Retail, Lancaster

The freehold interest in 4-6 Penny Street & 3-5 Market Street, Lancaster, has been acquired by JRRT (Properties) Limited.

The property is located within the prime retail section of the historic university town of Lancaster. It comprises a prominent corner retail unit of traditional stone construction, with frontages onto both the pedestrianised Penny Street and Market Street.

The building provides a total net internal area of approximately 5,634 sq ft (523.4 sq m). The entire property is let to JD Sports Fashion Plc on a 10 year lease expiring on 6th October 2024 (tenant break 6th October 2019), at a current passing rent of £120,000 per annum. The purchase price of £1,780,000 reflects a net initial yield of 6.38%.

For further information contact Richard Pope.

Acquisition of High Street Retail, Beverley

The freehold interest in 41 Toll Gavel, Beverley has been acquired by JRRT (Properties) Limited from a client of Colliers Capital.

The property is located within the prime retail section of the affluent and attractive market town of Beverley. It comprises a two storey building offering well configured retail accommodation on ground with ancillary space on first floor, extending to approximately 4,543 sq ft (422.0 sq m).

The entire property is let to WH Smith Retail Holdings Limited on a 5 year lease expiring on 22 December 2019 at a current passing rent of £110,000 per annum. The purchase price of £1,730,000 reflects a net initial yield of 6.00%.

For further information contact Richard Pope.

Disposal of 6-8 Church Street, Weybridge, Surrey, KT13 8DX

A private client of Nightingale Partners has disposed of 6-8 Church Street, Weybridge, Surrey to a client of Allsop. The purchase price represents a net initial yield of 5.95%.

The property extends to a total of 3,581 sq ft (333 sq m) with a retail area ITZA of 1,147 sq ft over the ground floor and the unit benefits from four car parking spaces.

It is situated in a prime position on the northern side of Church Street close to the junction with Baker Street. The unit is conveniently located opposite the entranceway to the town's busy main car park.

The property is let to Robert Dyas Holdings Ltd with over 11 years remaining at a rent of £82,500 per annum.

Robert Dyas has been in occupation since the property was newly developed in 2006.

For further information contact Will Collis.

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.

For further information contact Richard Pope.

Acquisition of 48 Albion Street, Leeds

A private Spanish family trust, advised by Nightingale Partners, has acquired 48 Albion Street, Leeds. The purchase price of £4.0m represents a Net Initial Yield of 4.73%

The property totals 3,565 sq ft (331.2 sq m) over basement, ground and two upper floors and is situated on the eastern side of Albion Street at the junction with Commercial Street opposite the entrance to the Trinity Shopping Centre, situated within the prime retailing location in Leeds.

The property is securely let to Starbucks until 24th June 2025 at a rent of £200,000 per annum and an impending rent review due on 24th June 2015.

The purchaser was represented by Nightingale Partners.

For further information contact Will Collis.

Acquisition of High Street Retail, Nottingham

A private Spanish family trust, advised by Nightingale Partners, has acquired 8-10 Upper Parliament Street & 1- 5 Milton Street in Nottingham. The purchase price of £3.45m represents a Net Initial Yield of 5.50%.

The property totals 5,555 sq ft (516.05 sq m) over basement, ground and three upper floors and is situated in an extremely busy location in a highly prominent location at the top of the prime Clumber Street, opposite Intu Victoria and close to Trinity Square.

The property is fully let on a new 20 year lease at a rent of £200,000 per annum with annual RPI fixed uplifts to Burger King who have traded at the property for in excess of 30 years.

The purchaser was represented by Nightingale Partners.

For further information contact Will Collis.

Sale of Rolex, One Hyde Park, sets all-time record

A record yield of sub-2% has been set for a luxury West End shop as demand from international investors remains fierce.

A private Middle Eastern investor has paid more than £22m - a record 1.7% yield - for the Rolex store at the base of Candy & Candy's One Hyde Park in Knightsbridge, SW1. It is the first time yields have dipped below 2% in the area.

The previous Knightsbridge record was set the last time the 2,781 sq ft Rolex shop traded in 2011, with the purchaser paying £13m, reflecting a 2.9% yield.

Nightingale Partners advised the vendor.

For further information contact Rupert Mitchell.

Acquisition of Commercial Road, Portsmouth

A private Spanish family trust, advised by Nightingale Partners, has acquired 158 Commercial Road, Portsmouth.

The purchase price represents a Net Initial Yield of 6.30% The property occupies a 100% prime trading position on the pedestrianised Commercial Road, and totals 4,557 sq ft (423 sq m) over ground and two upper floors.

The property is fully let to Burger King for a further 15 years, providing a rental income of £180,000 per annum.

For further information contact Will Collis.

Press Release
Dec 2014

Disposal of Industrial and Car Showroom, Staines-upon-Thames

Wallop Estates Limited, through Nightingale Partners, has sold 250 & 268 London Road in Staines-Upon-Thames to a client of CBRE Global Investors. The purchase price of £4,325,000 represents a Net Initial Yield of 6.5%.

The property comprises industrial and car showroom units totalling 22,859 sq ft located on London Road. The property is fully let to Ford Retail Limited for a further 10.5 years, providing a rental income of £300,351 per annum.

Nightingale Partners represented the vendor.

For further information contact James Turner.

Press Release
Dec 2014

Acquisition of an Off-Market Aberdeen City-Centre Office

Nightingale Partners have acquired Johnstone House, Rose Street, Aberdeen, a multi-let reversionary office for in excess of £20 million for a private overseas investor in an off market transaction. The terms of the deal remain confidential.

The acquisition demonstrates continued demand from overseas investors for well-let UK commercial investment opportunities and this shows no signing of abating.

Nightingale Partners represented the purchaser.

For further information contact Rupert Mitchell.

Disposal of Oxford Square, Newbury

The freehold interest in Oxford Square, Newbury, RG14 1JG, has been sold on behalf of a private client of Nightingale Partners.

The property comprises a development of three modern self-contained office buildings arranged around an attractive courtyard. The buildings provide a total net internal area of approximately 28,818 sq ft (2,677.2 sq m) and range in size from 6,116 sq ft to 12,267 sq ft.

The property is multi-let producing a total net income of £488,747 (£16.95 per sq ft overall), with the majority of the leases expiring or containing break options between March 2015 and January 2019. In addition the property houses a multi storey car park with 105 spaces at a ratio of 1 space per 274 sq ft.

The sale price was £4,375,000.

For further information contact Richard Pope.

Acquisition of Quadrant House, 25 the Quadrant, Richmond

Nightingale Partners represented Aviva Investors in the acquisition of an office and retail building in Richmond town centre.

The property lies close to Richmond railway and underground station and comprises four ground floor retail units (totalling approximately 383.1 sq m (4,124 sq ft)), together with three floors of self-contained offices above totalling approximately 1,009.9 sq m (10,871 sq ft).

The purchase price was £8,250,000.

For further information contact Richard Pope.

Acquisition of Dyers Buildings, Holborn

Nightingale Partners have acquired a Midtown office investment in excess of £20 million for a private investor in an off-market transaction.

The terms of the deal remain confidential but demonstrate the continued desire for core prime central London investment opportunities.

Nightingale Partners represented the purchaser.

For further information contact Rupert Mitchell.

Retained to find Blo franchise sites across UK

Blo, the US blow dry bar, is looking to open its debut sites in London, with plans to grow the businesses to between 10-15 salons across the capital.

The brand, which trades from around 40 franchise sites across the US, Canada, Russia and the Philippines, has appointed agents at Nightingale Partners to help it find its first sites.

The search for sites of around 400-800 sq ft is focused on high footfall locations including Covent Garden, Soho, Kensington, Chelsea, Marylebone, the two Westfield shopping centres and the City of London.

Nightingale Partners represent Blo.

For further information contact Rupert Mitchell.

Disposal of Summit House, 70 Wilson Street, EC2

The virtual freehold interest of Summit House, 70 Wilson Street and 50 Worship Street, London, EC2A 2DB has been acquired by Low Carbon Workspace Partnership c/o Threadneedle Property Investments Limited from a private overseas client of Nightingale Partners.

The property is situated just to the north east of Finsbury Square and comprises an office building developed in 1989 on lower ground, ground and five upper floors, extending to approximately 56,962 sq ft. (5,291.8 sq m).

The property is held under a 999 year head-lease, and was formerly occupied by The International London Stock Exchange under 2 leases which expired in March 2014. The property was sold with vacant possession.

The purchase price of £21.50 million reflects an overall capital value of £377 per sq ft.

Nightingale Partners represented the vendor.

For further information contact Richard Pope.

Disposal of Boston House, Little Green, Richmond, Surrey

A private overseas client of Nightingale Partners has sold the freehold interest in Boston House, Little Green, Richmond, Surrey to Essex County Council (c/o Aviva Investors).

The property was developed in the 1980's and is arranged over basement, ground and three upper floors. The property extends to a net internal area of approximately 16,028 sq ft (1,489 sq m) and is let to Lloyds TSB Commercial Finance Ltd, Minesoft Ltd and GCS Compliance Services Ltd.

The purchase price of £5,610,000 reflected a net initial yield of 6.45% and a capital value of £350 per sq ft on the net internal area.

Nightingale Partners represented the vendor.

For further information contact Richard Pope.

Disposal of Beddington Farm Lane, Croydon

Wallop Estates, through Nightingale Partners, has disposed of Unit 1 Brazil Close in Croydon to Friends Life Ltd (c/o AXA Real Estate Investment Managers). The sales price of £4,175,000 represented a net initial yield of 6.85%.

The c. 40,000 sq ft single storey warehouse with two storey offices are located on Beddington Farm Road which is regarded as Croydon's principal industrial area. The property is let in its entirety to the D & B 5A1 rated covenant of Geopost UK Ltd trading as Parceline with over 8.5 years unexpired, providing a rental income of £302,500 per annum.

The attraction of Unit 1 is the unexpired lease term, the quality of Geopost's covenant and the outstanding location all of which are proving to be fundamental as investors continue to prioritise core assets with good underlying secure income streams.

Wallop Estates was represented by Nightingale Partners.

For further information contact James Turner.

Disposal of Kirkgate, Epsom, Surrey

The freehold interest of The Kirkgate, Epsom has been acquired by Aviva Investors (on behalf of their recently launched Aviva Investors UK Real Estate Recovery Fund II) from a Private Client of Nightingale Partners.

The property comprises a modern town centre air conditioned office building providing a net internal area of approximately 26,713 sq ft (2,482 sq m). The property is let entirely to Taylor Nelson Sofres plc, a subsidiary of WPP.

The purchase price of £5,250,000 reflected a net initial yield of 10.00% and a capital value of £196 per sq ft on the net internal area.

Nightingale Partners represented the vendor.

For further information contact Richard Pope.

Acquisition of Vacant Gallery & Residential, Knightsbridge

A private overseas client looking to owner-occupy on this fashionable street on the Knightsbridge / Chelsea border has successfully acquired a freehold property offering the requisite vacant commercial space and which further benefitted from a sizeable residential apartment with roof terrace above.

The building was acquired off-market and the purchaser advised by Nightingale Partners.

For further information contact Will Collis.

Disposal of Residential Development Site overlooking Sandbanks, Dorset

Nightingale Partners, representing a private overseas owner have advised on the sale of a residential development site in this much sought after location overlooking Sandbanks, Dorset. The terms of the deal remain confidential.

The site was severed from a larger residential development opportunity for conversion of existing buildings into townhouses which is of interest to developers and owner occupiers alike.

For further information on the retained land which is for sale, please contact Rupert Mitchell.

Disposal of Office Property, Noho, London

Aviva Investors UK Real Estate Recovery Fund, advised by Nightingale Partners, has sold the freehold interest of 10 Whitfield Street, London, W1 to West Midlands Pension Fund (c/o CBRE Global Investors), advised by CBRE, for £20,185,000, reflecting a net initial yield of 4.5%.

The property totals 21,263 sq ft (1,975.3 sq m) of grade A office space arranged over five floors and is situated within the West End's vibrant Noho district. The property is currently multi-let to tenants including Fisher Wealth Management and Outsourcery Ltd.

The total income is £961,026 per annum (average rent of £46.65 per sq ft), and just under 50% of the income extends until 2020.

Aviva Investors were represented by Nightingale Partners in the sale.

For further information contact Richard Pope.

Disposal of University House, Oxford Square, Newbury

Nightingale Partners represented a private investor in the sale of University House, Oxford Square, Newbury.

The property, comprising 5,700 sq ft (530 sq m) and 20 car spaces was purchased by a local company for their own occupation.

For further information contact Richard Pope.

Capital Raising: Joint Venture Formed

The successful introduction of a well-respected capital investor to a world renowned property company.

The resultant joint venture acquired a major city centre mixed use, retail and office, property for a consideration close to €75 million.

Nightingale Partners, as joint advisor, researched the market for an appropriate capital partner and acted as conduit between a short list of potential partners. An off market property was sourced and the Joint Venture completed the acquisition in early 2013.

For further information please contact Nightingale Partners.

Disposal of Two Townhouses, Off Strand, London

The freehold interest of 14-15 Craven Street, London, WC2N 5AD has been acquired by Hadley Property Group & Landcap from a client of Aviva Investors.

The property comprises an office building situated immediately south of Strand and Charing Cross National Rail station. It is Grade II listed and arranged over basement, ground and four upper floors, providing a net internal area of approximately 6,114 sq ft (568 sq m) and was offered with vacant possession.

Following the purchase of the asset in January 2010 for £3,400,000, Aviva Investors secured vacant possession of the property, and prior to marketing obtained a planning consent for conversion of the property to two houses.

The purchase price of £5,087,500 reflected a capital value of £832 per sq ft on the net internal area.

Nightingale Partners represented Aviva Investors.

For further information contact Richard Pope.

Disposal of Office Property, Southwark, London

The freehold interest of 1-5 Barge House Street & 26-34 Upper Ground, SE1 9PD has been acquired by private clients of The Deerbrook Group from clients of Aberdeen Asset Management.

The property comprises a terrace of five office buildings situated in the Southbank immediately behind the Oxo Tower and Sea Containers House.

The property extends to approximately 20,158 sq ft (1,872.7 sq m) and is let entirely to Steer Davies Gleave Ltd until November 2021 without break, at a current rent of £638,500 per annum (£31.67 per sq ft).

The purchase price of £10.15 million reflected a net initial yield of 5.94% and a capital value of £503 per sq ft.

Nightingale Partners represented the vendors, Aberdeen Asset Management.

For further information contact Richard Pope.

Investment Transactions - Page 3

Acquisition of Hovis London Bakery, Mitcham, Greater London

Disposal of One Elmfield Road, Bromley, BR1 1LU

Disposal of 117 Bushey Mill Lane, Watford

Acquisition of 22 Bruton Street, Mayfair

Acquisition of Retail Parade on Goodramgate, York

Acquisition of High Street Retail, Lancaster

Acquisition of High Street Retail, Beverley

Disposal of 6-8 Church Street, Weybridge, Surrey, KT13 8DX

Acquisition of 70 New Oxford Street, London WC1

Acquisition of 48 Albion Street, Leeds

Acquisition of High Street Retail, Nottingham

Sale of Rolex, One Hyde Park, sets all-time record

Acquisition of Commercial Road, Portsmouth

Disposal of Industrial and Car Showroom, Staines-upon-Thames

Acquisition of an Off-Market Aberdeen City-Centre Office

Disposal of Oxford Square, Newbury

Acquisition of Quadrant House, 25 the Quadrant, Richmond

Acquisition of Dyers Buildings, Holborn

Retained to find Blo franchise sites across UK

Disposal of Summit House, 70 Wilson Street, EC2

Disposal of Boston House, Little Green, Richmond, Surrey

Disposal of Beddington Farm Lane, Croydon

Disposal of Kirkgate, Epsom, Surrey

Acquisition of Vacant Gallery & Residential, Knightsbridge

Disposal of Residential Development Site overlooking Sandbanks, Dorset

Disposal of Office Property, Noho, London

Disposal of University House, Oxford Square, Newbury

Capital Raising: Joint Venture Formed

Disposal of Two Townhouses, Off Strand, London

Disposal of Office Property, Southwark, London