Friends Provident Life Assurance Limited have acquired the long leasehold interest in 45 Foubert's Place from Wel Property Limited Partnership for €9.7 mln (£6.25 mln), representing a net initial yield of 5.48%. The lease has 145 years unexpired and is geared to 10% of the open market rent every 5 years.
Located in the heart of Soho and close to the vibrant Carnaby Street, 45 Foubert's Place is an attractive corner office building which was originally constructed in the late 1950's and refurbished in the 1990's.
Arranged over basement, ground and three upper floors, the property comprises 15,487 sq.ft of modern office accommodation. The ground and upper floors of the building are let to Xtreme Information Limited for a term of 15 years from 24 June 1999 expiring 23 June 2014 with a tenants option to break on 24 June 2009. The lower ground floor has been let back to Westminster Council, the freeholder, on a long lease. 45 Foubert's Place is currently producing a rent of €615,500 (£395,030) pa.
Michael Elliot acted for Wel Property Limited Partnership and Nelson Bakewell and F & C Asset Management represented Friend's Provident.
Source: Nelson Bakewell