Knight Frank West End capital markets team have acquired the freehold interest of 181-183 Oxford Street for £35 million, on behalf of Hong Kong investor Emperor International Holdings Ltd, at a net initial yield of 2.64%, from a private client of Cew Capital LLP.
The 11,920 sq ft property is arranged over lower ground, ground and five upper floors, Vision Express being the retail occupier at a rent of £875,000 per annum on an unexpired term of 12 years.
The building is located on a key site on the south side of Oxford Street between the junctions of Ramilles Street and Poland Street, benefiting from significant footfall.
James McCluskey, partner, West End capital markets team, commented; “The off market purchase of 181-183 Oxford Street complements our client’s existing Central London portfolio. With the arrival of Crossrail in 2018 the eastern stretch of Oxford Street is set so improve, and we are forecasting significant rental uplift on the back of the transport infrastructure improvements.”
