DTZ Investors sell prime Oxford Street block to Thor Equities
DTZ Investors, on behalf of Strathclyde Pension Fund, have sold the freehold interest in 105-109 Oxford Street to Thor Equities for £42.5 million, reflecting 2.50% NIY.
The asset comprises two ground floor retail units. The upper residential parts are sold off.
Prior to selling the asset, DTZi completed a new letting to Tiger Retail Ltd on one of the units, securing a new record rental tone for that particular pitch on Oxford Street of £446 Zone A. The remaining unit, let to Footlocker, was subject to a rent review in July 2013 which was agreed at circa £375 Zone A, demonstrating the significant rental growth over the intervening period.
The property is set to benefit from the improvements at the eastern end of Oxford Street, being located in close proximity to the western entrance of Tottenham Court Road Crossrail. The sale came after DTZ Investors purchased the property for £18.25m in an off market transaction in December 2012.
Fineman Ross acted on behalf of DTZ Investors with LEVY acting for Thor Equities.
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