Savills has sold 138 New Bond Street, London and 40-41 Old Bond Street, London to private investors on behalf of British Airways Pension Fund. The properties were sold for a combined lot size of £28.125 million (approx. 32.2 million).
40-41 Old Bond Street is let in its entirety to French jewelers Cartier Limited with an eight years remaining on the lease. The current rent is £540,000 per annum for the 4,669 ft² (433.8 m²) property. The property was purchased by an Irish investor for £18.65 million which reflects an initial yield of 2.74%.
Jonathan O'Regan, Savills Associate, comments "Bond Street continues to accommodate the highest quality luxury retailers in London and the rental growth prospects continue to attract many investors.
"Both these properties were sold for prices substantially above the quoting price and we expect the trend will continue."
Savills has this week brought to the market Rolex's London flagship store, 100 Knightsbridge, London SW1. The 2,781-ft² store, freehold investment, forms part of world famous residential development One Hyde Park. Offers are sought in excess of £12.5 million.