Sale of 60-62 Margaret Street, London W1
DTZ Investors has sold the virtual freehold interests in 60-62 Margaret Street, London W1 (as advised by Cluttons). In a highly competitive bidding situation, the Langham Estate has purchased the investment for just under £29m, reflecting a net initial yield of 3.52% assuming usual purchase costs. The buyer was able to exchange in a very impressive 3 days and has already completed. There was strong interest from many UK Institutions and also from both UK and Overseas High Net Worth Investors. The price achieved, at around £1,450 per sq ft capital value (including costs), reflects a very keen price and underlines the continuing demand from investors for Central London stock.
Kevin O’Connor, the Fund Manager at DTZ Investors, said:
"This was sold as part of a rebalancing exercise in the Fund which has bought extensively in the West End and Central London markets in the period between 2012-2014. The price achieved crystallises a significant phase of positive return on this asset."