Benchmark has put a 380,000 sq ft estate in London’s exclusive Belgravia up for sale with a £70m price tag, reflecting a sub 5% yield.
The three-acre Halkins estate includes several designer fashion stores, a Waitrose supermarket, Amaya, the trendy Indian restaurant owned by the Masala World group, a Patisserie Valerie and around 95 residential apartments and houses.
A total of just under 50 properties are included in the sale.
Benchmark, which is a wholly-owned subsidiary of General Electric, is only selling its long leasehold interest in the estate.
The freehold is owned by the Duke of Westminster’s Grosvenor. Cushman & Wakefield Healey & Baker is advising on the sale.
The move to sell follows Benchmark’s hoisting of a for sale sign above internet search engine company Yahoo!’s headquarters at 125 Shaftesbury Avenue, WC1, as revealed by EG in December.
The property is being marketed through Knight Frank for £97m, a 5.53% initial yield.
References: EGi News 13/01/06
