Redeveloped by the vendor MID UK in 1992, the retail element, with trading on the ground-to-third floors is let to DKNY, recently acquired by LVMH Louis Vuitton. The lease expires in 2020 with a passing rent equating to only £350 ($493) zone A. Prime Bond Street rents now in excess of £400 ($564) per sf zone A.
The investment includes Grade A specified self contained offices with a separate entrance on Albemarle Street let to three tenants. At basement level there is an Italian restaurant.
The purchase price of £22 million ($31 million) reflects a net yield of 5% with a reversion to 5.83% in 2005. CB Hillier Parker advised the purchaser and Insignia Richard Ellis advised the vendor.
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