Consulco Capital Real Estate Limited ('CCRE') has completed the acquisition of the seventh investment for its London retail property syndicate, Hermes Properties Limited.
CCRE has acquired 37 South Molton Street, London W1. South Molton Street is an attractive, pedestrianized shopping street that connects Oxford Street with Brook Street, in the heart of London's Mayfair. The property is located at the northern end of the street, within a few meters of Bond Street underground station, the new CrossRail station and the proposed redevelopment of 'The Hog in the Pound' public house.
The property was acquired for £2.3 million (approx. 2.6 million) and is let to independent jewellery designer Toko. The investment will provide a net initial yield of approximately 4% with strong growth potential. The asset complements Hermes' existing assets which are mainly located in Soho and Covent Garden.
Industry veteran, David King, who set up Consulco Capital Real Estate last year, commented: "We are delighted to have secured this off-market investment for our flagship fund. The site is under developed and there are a number of active management opportunities for us to pursue.
"We also expect the immediate location to improve further with the development of the CrossRail station."
Michael Elliott LLP acted for Hermes while the vendor was advised by RPM Property.