The BP Pension Scheme have sold their Golden Square Estate in London’s Soho for around £15m — an estimated initial yield of around 4.5%.
The estate, situated to the north-west of Piccadilly Circus and east of Regent Street, consists of 12 properties totalling 62,000 sq ft with a current rental income of £663,000 pa.
Although the block does not seem to present any overall redevelopment potential, many of the leases held by the 41 tenants contain clauses enabling the new owner — a private client of Strutt & Parker — to undertake redevelopment and refurbishment works on both whole buildings and individual suites.
Agents for the disposal, Debenham Tewson & Chinnocks, who sold the estate in a formal tender, said they received 12 bids.
