CBRE Global Investors, on behalf of the CBRE UK Property Fund, has sold 37/38 Golden Square, London to a residential developer for €58.2 mln (£43.02 mln).
The property is located in the heart of Soho and comprises a mixed use office, retail and restaurant building totalling 2,615 m² (28,152 ft²) arranged over lower ground, ground, and seven upper floors including the reception area.
The offices are multi let to six tenants with a further seven tenants occupying the ground floor retail units. These include Golden Square Business Centre, MSC Group Ltd, CWM, Greggs, and Pizza Express.
In November last year the Fund secured planning consent to convert the upper floors to 22 apartments, which includes an additional 557 m² (6,000 ft²) of floor space. The consent also includes the ability to reconfigure the retail units into a more desirable layout.
Hannah Marshall, Fund Manager, UK Property Fund, CBRE Global Investors commented: “Having secured a valuable planning permission last year, we see this as an opportune time to sell, particularly in light of the continued strength of appetite for the Central London market.”
“Our exit strategy has been carefully considered and the proceeds of this sale will be used to invest in other opportunities where we see greater value.”
CBRE Residential and Hanover Green acted for CBRE Global Investors on this sale. Levy Real Estate acted for the purchaser.
The CBRE UK Property Fund recently acquired a Sainsbury’s supermarket in Chesham for €42.8 mln (£31.6 mln) and continues to outperform its benchmark over 12 months, three and five years.
Source: CBRE Global Investors
