David Tye’s Rugby Estates has sold the freehold interest of the Seven Dials Warehouse, Covent Garden, WC2, to Schroders Exempt Property Unit Trust (SEPUT) for £22m, writes Nick Mathiason of EGi.
The deal means Rugby has made a 200% profit on the investment it acquired through Covent Garden Estates – a company it jointly owns with Universal Consolidated Group.
Richard Womack of Hillier Parker, who advised Rugby, said: “This deal shows that Covent Garden still has a high priority for institutions and property companies.”
SEPUT, with total property assets of £788m, already has a strong Covent Garden presence. Last year, it acquired 25 Bedford Street, WC2 from Kumagai Gumi for £26.5m. SEPUT also owns 5/6 Henrietta Street, which it bought for £6.5m, and 55 Neal Street. It is also buying outside London (News, p43).
Covent Garden has witnessed a flurry of investment activity this week with Threadneedle acquiring the freehold interest of Page House on 39-41 Parker Street, WC2 for £10.35m from Boultbee Land. Michael Elliot advised Boultbee.
Also, CLS, through DTZ, is selling New London House at 172 Dury Lane for £9m, reflecting a 9% yield. The 1,951m2 (21,000 sq ft) investment does not include the New London Theatre.
Meanwhile, in Soho, W1, the Langbourn Estate is selling 103-109 Wardour Street through JLW. A deal would mean three Wardour Street buildings will have changed hands this year.
