Tue, 09 Mar 2010 | BUSINESS SALE
A one-acre freehold site on London's famous shopping street has been put on the market at between 200 and 210 million pounds.
The island site is being sold by Cosgrave Property Group, based in Dublin, and it is thought that the group decided to market the block after receiving a number of unsolicited approaches.
Cosgraves has instructed CB Richard Ellis to market the site, which may be purchased as one or two lots. The target sale price of over £200 million would mean a yield for the company of between 4.75 and 5.25 per cent.
The site includes the flagship stores of fashion retailers River Island, Next, New Look and Zara, all of which are on long-term leases. These make up about 80% of the income from the block. Other tenants include recruitment company Hays and the auctioneer Christies.
Prospective buyers may look at redeveloping the site in the medium to long-term.
The sale of such a prime freehold site on London's Oxford Street is a rare event and quite an investment opportunity. Given the lack of prime property currently available on the market, the site is expected to attract interest from many buyers including sovereign wealth funds, institutional investors and wealthy individuals.
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