LaSalle to sell £300 mln. Noho site (UK)

LaSalle Investment Management has put a 2.25 acre (0.9 ha) site north of London's Oxford Street (between Oxford Street and Cavendish Square) up for sale for more than £300 mln. The property investment manager has appointed CB Richard Ellis to conduct the sale of the block.

The 33 Cavendish Square site – which is LaSalle's home within 18,580 m² of office space – also houses the London School of Fashion and BHS.

LaSalle said today that it believes the property will attract interest from all over the world, and hopes to sell it at a 5.25% yield.

The sale is the latest in a series of disposals by central London landlords this year. Already BP Pension Fund has sold Knightsbridge estate to a consortium led by Irish investor Derek Quinlan and Minerva has sold properties around Piccadilly Circus for more than £200 mln.

Source: Property Week

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