Invista Real Estate Investment Management ("Invista") announces that on behalf of clients it has exchanged contracts on the sale of a freehold office and retail property on Conduit Street, London, W1 to a private overseas investor. The property was sold at a price significantly above its June 30,2009 independent valuation.
The property which totals 31,272 ft² (2,905 m²) is situated between Regent Street and Savile Row in the heart of Mayfair. Redeveloped by Tooley Foster Partnership in 1997 and part-refurbished by Invista in 2007/8, the building is arranged as seven storeys of Grade A office space over a 5,479 ft² (509 m²) ground floor retail unit and basement storage/ancillary accommodation.
Fully occupied, the property has a passing rent of £2,517,118 per annum. The office space is let to five tenants and the retail unit is let to RBS Plc on a lease expiring in 2018.
Ben Du Boulay, Director of London Offices at Invista, comments: "Following the successful completion of asset management initiatives, the average rent on the office floors is over £85/ft² and the sale allows us to take advantage of strong private investor demand."
Invista Real Estate Investment Management was represented by Jones Lang LaSalle.