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West End commercial property purchase 'highlights overseas demand'
The sale of one West End commercial property has set a new benchmark for real estate transactions in the area, it has been suggested.
According to Property Week, 11 Hanover Street in Mayfair is being purchased by an oversees investor for £13.7 million, giving a yield of 4.22%.
And Keith Bailey of Knight Frank, which advised seller Alliance Trust on the deal, said that the sale signals a new prime yield target for West End business property that is changing hand in the present upturn.
"This transaction demonstrates the weight of overseas investor demand that is currently targeting the central London market," he added.
The building, which measures 10,427 sq ft, is currently let to both a retail and office tenant, with BSkyB-owned company Easynet occupying five floors and the Headmasters Partnership, a hairdresser, holding the ground floor and basement.
Cushman & Wakefield's Clive Bull said this week that there will only be a limited amount of grade A commercial property available in London this year.
According to Property Week, 11 Hanover Street in Mayfair is being purchased by an oversees investor for £13.7 million, giving a yield of 4.22%.
And Keith Bailey of Knight Frank, which advised seller Alliance Trust on the deal, said that the sale signals a new prime yield target for West End business property that is changing hand in the present upturn.
"This transaction demonstrates the weight of overseas investor demand that is currently targeting the central London market," he added.
The building, which measures 10,427 sq ft, is currently let to both a retail and office tenant, with BSkyB-owned company Easynet occupying five floors and the Headmasters Partnership, a hairdresser, holding the ground floor and basement.
Cushman & Wakefield's Clive Bull said this week that there will only be a limited amount of grade A commercial property available in London this year.
Fri, 22nd Jan 2010