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CB Richard Ellis appointed by Cosgrave on Oxford Street site
Archived article dated Tuesday March 9th 2010
After a number of recent enquiries from prospective purchasers, Cosgrave Property Group has confirmed that they are selling a prime investment property in London, which they acquired approximately four years ago.
Cosgrave Property Group has appointed CB Richard Ellis as the sole selling agent. The proposed sale includes Jubilee House (197-213 Oxford Street) and 215-219 Oxford Street. The Investment comprises a full Freehold island site of c. one acre, which can be sold as one or two lots. The property also benefits from the opportunity for medium to long term redevelopment.
This is an income producing 100% prime strategic holding on Oxford Street, tenanted by the UK Flagship stores for Next, River Island, New Look and Zara all let on long leases and comprising circa 80% of the income. The investment includes offices let to Christies, NFL, Hays and 3D Reid. The freehold holding has all the characteristics that will remain attractive to investors in all market conditions.
According to Fergus Keane of CB Richard Ellis: “Cosgrave have effected various successful asset management initiatives including the surrender of Superdrug, re-let to River Island, the acquisition of 215-219 Oxford Street completing “the island”, the refurbishment and re-letting of the c. 20,000 sq ft of offices for Christies, and the completion of various reviews since purchase.
“Whilst a number of asset management initiatives remain to be progressed, including the long term development potential, Cosgrave Group view the current market as providing exciting opportunities for the redeployment of capital to development projects both in the UK and in Ireland.
“Although the investment characteristics of this asset will make it very attractive to institutional investors, in recent years, prime freehold Central London assets such as this have largely been bought by Sovereign Wealth or High Net Worth players as long term investments. As such, there are diminishing supplies of such stock and trophy freehold opportunities such as this are rare.”
Cosgrave Group have been investing in the UK market over the past 5 years and have bought and sold a number of property investments in this period. The Group intends to keep a strong foothold in the Greater London market and continues to hold a number of other prime investment properties in the capital city, including Oxford Street.
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