Thor Equities and AEW have signed a contract to acquire 100 New Oxford Street, a prime mixed-use building in London’s West End from Tishman Speyer for £180mn), company executives have announced. AEW’s stake in the property is being purchased through a club deal consisting of two German investors.
100 New Oxford Street is located just 100 metres from Tottenham Court Road station, which is currently undergoing a major refurbishment as part of London’s Crossrail development and will provide access to the Elizabeth line which is scheduled to open in 2018. Europe’s largest infrastructure project, Crossrail is expected to bring an extra 1.5mn people to within a 45 minute commute of Central London. A number of significant retail and residential developments are also underway in the immediate area, including the Centre Point tower, across the road from 100 New Oxford Street, which will include 82 high end apartments, as well as retail and restaurants.
Rob Wilkinson, European CEO at AEW commented: “100 New Oxford Street is an exceptional property in an area that is benefitting from major investment and improvement, including the most significant infrastructure project in Central London for over a century. As such the property represents a compelling opportunity and a great introduction to the London market for our German clients who we are very pleased to bring to the UK capital. The asset is further augmented by the numerous residential and commercial development projects in the vicinity of the asset which are enhancing the area’s potential, boosting business and improving public spaces.”
The extensively refurbished asset comprises a total of 106,404 sq ft, with 18,507 on the ground floor across six prime retail units and two restaurants, with over 260 ft of frontage. The remaining 87,897 sq ft consists of Grade A office space over six upper floors. The property is fully occupied by 16 tenants, providing a diverse occupier base, including Shake Shack, Jessops, Costa Coffee and All Bar One on the ground floor, as well as Shisheido, WME Entertainment and Stanhope PLC on the upper floors.
Joseph Sitt, CEO of Thor Equities commented: “100 New Oxford Street is a prime asset located in one of the most desirable districts in London for office and retail properties, and with the opening of the nearby Crossrail Tottenham Court Road station, demand for space in the area will only continue to grow. Thor remains strongly committed to London as a key global market, and we have proven to be able to continue to extract value from assets in the City and other key markets throughout Europe.”
