Two Far Eastern investors have taken timely advantage of the post-Brexit fallout, by making a series of acquisitions throughout SW1.
A private, high net worth individual from Standard Life purchased 23 King Street (SW1), after the proposed deal between Standard Life and Chinese Estate’s Joseph Lau unfortunately collapsed as a direct result of the Brexit vote. The 45,000 sqft office was secured for a whopping 10% below the original bid from Joseph Lau; roughly £130 million. It is fully let to a mix of tenants, with quoting rents at around the £115 per sqft mark.
Another SW1 asset being considered from the Far East is TH Real Estate’s Ryder Court, which is under offer to a private Chinese investor for £110 million – a yield of 4%. The corner block, comprising 12-16 Ryder Street and 13-17 Bury Street, is being sold to pay back redemptions from the fund manager’s UK Property fund – yet another casualty of Brexit.
Eugene O’Sullivan, Director at tenant acquisition specialists Morgan Pryce, believes overseas investment will continue throughout the year:
“Post Brexit, there are plenty of opportunities for overseas investors to snap up deals throughout London. The market will always attract money. Whether it be for the prestige of owning a building in SW1, diversification tactics, or investment in a safe-haven location, London is still the global centre for commercial buildings”.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.
