Legal & General has brought a prime Oxford Street retail investment to the market this week.
The property at 225-235 Oxford Street in London’s West End is coming to the market through CB Richard Ellis, which is asking for offers in excess of £97.5m reflecting a net initial yield of 4.23%.
The block was redeveloped in 1999 and includes two retail units fronting Oxford Street, let to Mango and Gap, and one fronting Argyll Street, let to Oasis.
L&G decision to sell the block is because it is redeveloping the former Gap store at 315-319 Oxford Street, opposite John Lewis, which will provide a 20,000 sq ft store in early 2009.
In a second transaction announced today L&G has sold the Brooklands Retail Park in Cardiff to Glenn Maud’s PropInvest Holdings for £26.7m, reflecting a net initial yield of 4.71%.
The park is occupied by Currys, PC World, Allied Carpets, Burger King and Pizza Hut and has two vacant units. It has a bulky goods planning consent. Both Currys’ and PC World’s leases are subject to 3% a year fixed uplifts at the remaining reviews.
Legal & General was advised by Wilkinson Williams and PropInvest by HP4.