Dukelease Properties has bought a mixed-use block in London’s Covent Garden from The Royal London Mutual Insurance Society for £10.22m at a yield of 6.96%.
The 22,660 sq ft site is located at 63-65 Long Acre and 19-20 Bow Street and comprises retail, office, leisure and residential space and is let to 11 tenants including, Zizzi, Pret a Manger, and Langcomp.
This transaction forms part of Dukelease’s strategy to invest a further £200m on properties requiring active management strategies in central London.
CB Richard Ellis advised the vendor. Dukelease Properties was represented by Erik Sadler and Leslie Perkins.