CB Richard Ellis Investors, the global real estate investment management firm, has announced the sale of Mutual House, 193-201 Regent Street, London for £30 million.
The 2,500 m² of space was sold at a yield of 5.4%.
The building comprises three prime retail units on the ground floor, which are currently let to Ferrari Store, The Pen Shop and Church's Shoes. In addition, there are six floors of refurbished office accommodation. The 27,187 ft² (approx. 2,500 m²) of space was sold at a yield of 5.4% and while one of the retail leases was recently surrendered, a new 15-year lease was agreed with a 10-year break option at a higher rental level.
Commenting today, Richard Everett, Senior Director, UK Managed Accounts Group, said: "We are very pleased to announce the sale of the Regent Street building which is a prestigious retail location in the heart of London's West End. This transaction demonstrates the demand for prime retail and office space as buyers are re-entering the UK property market".
Source: Citigate Dewe Rogerson