NEWS HEADLINES
£50m of Bond Street jewels sold
Friday, 22 July 2011
The prestigious Cartier and Prada stores on London's Bond Street are being sold to overseas private investors for around £50m.
Part of Prada's flagship UK store, 16 Old Bond Street, has been
sold to a Thai investor for £32m, reflecting a yield of around
3.15%. The building is linked with the adjacent 17-18
Old Bond Street at the ground and first floors to form the
shop.
The investor is a private client of asset manager Square Bay. It has bought the building from an Irish investor, advised by Cheval Property Advisers.
The 13,150 sq ft building is let to Prada until 2022. There is a rent review in February 2012. The building also contains multi-let offices above up to the seventh floor.
The Cartier store at 40-41 Old Bond Street has been placed under offer to Irish businessman and racehorse owner JP McManus and Irish property investor Aidan Brooks, for around £18m - a yield of around 2.8%.
The property is let to the jeweller on a 20-year lease from 1999 at £540,000 a year. It was put up for sale by BA Pension Fund with a price tag of £16.5m, which reflects a yield of 3.1%.
DE & J Levy advised Square Bay; Fineman Ross advised Cheval Property Advisers; Savills and Cushman & Wakefield are selling the Cartier store.
