AcquisitionLondon
Rolex, One Hyde Park, SW1
Acquisition of Rolex Unit, One Hyde Park, Knightsbridge, London
Private clients of Nightingale Partners have acquired the virtual freehold interest in the Rolex Retail Unit at One Hyde Park. The property, a high end retail unit within the world famous One Hyde Park residential development is located adjacent to the Mandarin Oriental Hotel.
Offers were sought in excess of £12.5m, reflecting a net initial yield of 3.00%.
The property is leased for a further 14.5 years at a rent of £400,000 per annum, reflecting c. £300 per sq ft ITZA. The property offers a highly secure income return and excellent rental growth prospects; the adjacent identical unit has recently been leased at £587 per sq ft ITZA.
