The long leasehold interest in the multi-let mixed-use building, located immediately north of Oxford Street in London's West End, changed hands for £6.9 million ($9.87 million) reflecting a net initial yield of 5.65% and an equivalent yield of 7.60%.
The refurbished offices are let to three tenants including a new lease to Marchday of the fourth floor. Planning consent exists for the addition of a fifth floor. The Old Explorer pub on the ground floor and basement is let to the brewer Greene King for over 40 years.
CB Hillier Parker and Crossland Otter Hunt acted for Marchday, and Purkiss Hanrahan represented Development Securities. William Davies, Associate Director at CB Hillier Parker commented: 'This underlines the demand for well let investments in strong locations where investors can take comfort from proven reversions'.
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