The Crown Estate has completed the sale of the Quadrangle block on London’s Oxford Street to Resolution.
In February Property Week revealed that the Quadrangle, the Beaver Building/Hat Factory and Paramount House were being bought by Robert Laurence’s Resolution for around £90m.
The price represents a yield of around 5.8% but it is understood the Crown had been hoping to sell the block for more than £100m, at a yield of 5.2%.
Selective acquisitions
‘This is the latest purchase for Resolution Real Estate Fund III, launched at the start of this year, and underlines our strategy to make selective acquisitions in Central London,’ said Robert Wolstenholme at Resolution.
‘The Quadrangle block offers a number of asset management opportunities and extends our involvement in the Soho market, complementing our residential development at nearby Marshall Street.’
The Quadrangle block and the Beaver Building comprise 11 retail units and 79,000 sq ft of offices.
Paramount House totals 21,000 sq ft including two retail units.
Regent Street focus
‘This sale is part of our strategy to dispose of non-core assets, in order to concentrate on our core London holdings - including Regent Street - and diversification outside of central London,’ said Paul Clark, the Crown’s director of investment and assert management.
CBRE acted for The Crown Estate and Jones Lang LaSalle acted for Resolution. Eurohypo provided debt finance.
