Other

78-79 Newman Street & 1-2 Berners Mews, London W1

 

Price: £26,900,000 - Initial Yield:3.50%

Date: Q2 2018

Acting on behalf of JMS Estates we advised on the sale of this prime freehold investment in the heart of London’s West End to LaSalle Investment Management for £26.9m, reflecting a net initial yield of 3.50%.

Located within Fitzrovia, the building provides an 81-room residential hostel on part basement, part ground and 1st to 7th floors and a commercial B1 unit at lower ground and part ground floor. The total gross internal floor area is 29,161 sq ft. The property is fully let to the Lord Mayor and Citizens of Westminster and Bayeux Limited at a total gross rent of £1,316,716. There is opportunity for significant reversion on both the hostel and commercial income and numerous future asset management initiatives, with potential for full vacant possession in September 2019.

 

Contact

John Ellison

Tel: 020 7493 3330
Mob: 07889 437 236
jellison@lewisellis.co.uk

Tony Burling

Tel: 020 7493 3330
Mob: 07860 555 769
tburling@lewisellis.co.uk

James Caddick

Tel: 020 7493 3330
Mob: 07771 882 860
jcaddick@lewisellis.co.uk

Fred Daeche-Marshall

Tel: 020 7493 3330
Mob: 07785741700
FDMarshall@lewisellis.co.uk


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