The founder of Spanish retailer Zara is investing in a one-acre site in the heart of the West End.
Amancio Ortega, the co-founder and former chairman of retail giant Inditex, is in talks to buy Jubilee House, 197-213 Oxford Street, W1, for around £165m – a 4.4% yield.
Last October, he also bought 215-219 Oxford Street for £55.1m – a 4% yield.
The two buildings were brought to the market together by Irish investor Cosgrave in March 2010 for between £200m and £210m.
The two buildings’ tenants include Inditex’s international brand Zara, as well as Next, River Island and New Look. The four retailers account for around 80% of the income from the block.
The offices above are let to auctioneer Christie’s, recruitment firm Hays and architect 3D Reid.
CB Richard Ellis advised Cosgrave; Cushman & Wakefield advised Ortega.
annabel.dixon@estatesgazette.com
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