The month of May saw £712m spent on property investments in the West End. This is the largest monthly turnover of 2018.
This means that the total investment in West End property for 2018 has reached £2.46bn. However, this is lower than the same point in 2017 which reflects market uncertainty due to Brexit and recent struggles in the retail industry. In addition, American investment research firm MSCI calculate that for the second month running, the average net initial yield remains at 3.4%.
The largest transaction in the West End this month is the sale of Burlington Arcade – the UK’s longest covered shopping street – to Motcomb Estates for £300m. This reflects a yield of 3.2% and a capital value per square foot of £8,155.
We are certain that there will many more West End investment deals in the coming months and here at RIB we have a number of properties available for sale in the West End which could be perfect for investors.
These include the Barley Mow Pub in Marylebone which is a Grade II Listed property which is let to The Barley Mow Pub Limited on a 20 year occupational lease from 2010. It has a low capital value of £749 per square foot and once the outstanding RPI review from April 2015 is settled, the rent will be at least £75,270 per annum which takes the reversionary yield to a minimum of 3.83%.
In addition, we also have 85 Mortimer Street on the market which is a long leasehold mixed use investment opportunity totalling 2,829 square feet with potential to either let out or to keep as an owner occupier.
Another investment which we have available is 70 Cleveland Street which is a mixed-use freehold combining retail use on the ground and lower ground floors, B1 office use on the first floor, and a duplex residential flat on the second and third floors.
For further information on any of these investment opportunities or to find your perfect purchase in the West End, take a look at our dedicated investments page or contact a member of our experienced investment team.
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