Sold

Prime Mayfair retail and office investment on South Molton Street, W1

65-68 South Molton Street & 32 Brook Street, Mayfair, London W1

Sold for £55,000,000

Property Type:
Commercial
Sub Type:
Retail
Tenure:
Freehold
Net Initial Yield:
2.81%
Site Area:
14,757 sq.ft [1,371 sq.m]

Description

  • Rare Mayfair virtual Freehold Mayfair is London’s most exclusive district with the world’s finest retailing provision.
  • Prominent corner property providing 50 metres of retail frontage on South Molton Street and Brook Street, opposite Claridge’s.
  • Situated a 1 minute walk from both entrances to the new Bond Street Crossrail Station opening in December 2018, and a 4 minute walk from Oxford Circus Station.
  • Immediate area set to benefit from nearby developments and major infrastructure improvements.
  • Property provides a total of 14,757 sq ft (1,370.8 sq m) of retail and office accommodation.
  • Fully let to a diverse tenant base producing a total rental income of £1,651,050 per annum, anchored by retail tenants Links of London and Thomas Sabo.
  • Two thirds of the total income is from the retail units.
  • Average retail rent of £470 Zone A, offering a significant discount to £2,000 Zone A on Bond Street to the south and £1,150 Zone A on Oxford Street to the north.
  • Low passing office rent of only £57.30 per sq ft, equating to circa 50% of Grade A Mayfair rental levels, with highly lettable average floorplates of 3,000 sq ft.
  • Both retail and office rental levels offer significant potential for future growth as a result of the imminent infrastructure improvements.