Sun Venture to acquire One New Oxford Street in first UK acquisition
Sun Venture has exchanged contracts to purchase One New Oxford Street, London WC1 from Nuveen Real Estate, on behalf of Central London Office Fund (CLOF) and British Airways Pension Trustees Limited.
The deal is the first UK acquisition for the Singaporean property developer and investor.
One New Oxford Street is a freehold London landmark office and retail development situated close to the new Crossrail station at Tottenham Court. On behalf of the joint venture, Nuveen carried out a major, award-winning refurbishment and extension of the iconic Art Deco property, which completed in 2017 and totals approximately 110,000 sq ft (10,219 sq m) over nine floors. The building is also rated BREEAM ‘Excellent’.
The offices are fully let generating a total average annual rent of just over GBP7.7 million. Global retailer H&M pre-let six of the office floors to house the UK headquarters of one of its high-end brands, and the remaining three office floors are let to Amazon subsidiary Twitch, the leading global video and live streaming service provider. The ground floor retail line up has been carefully curated to provide an engaging streetscape and attractive amenity to the office occupiers.
Sun Venture was advised by Savills and CMS, while Nuveen Real Estate was advised by CBRE and K&L Gates.