Prupim sells Oxford Street block for GBP14.8m
Real estate fund manager Prupim has sold the long leasehold interest of 391-393 Oxford Street to a private foreign investor for GBP14.8m, reflecting a net initial yield of 3.07 per cent.
Forming part of an attractive parade on the south side of Oxford Street, the property is located adjacent to Bond Street underground station and is entirely let to Everything Everywhere Ltd, trading as T-Mobile, for a further 10.5 years.
The passing rent reflects a GBP497 Zone A with a rent review due in September this year.
Natalie Andrews, associate director, investment management at Prupim, says: “The disposal of this prime asset has been ideally timed to take advantage of the strong demand for central London retail in a market starved of supply.”
Michael Elliot advised Prupim, Harper Dennis Hobs advised the purchaser.
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