The West End home of shoe retailer Russell & Bromley has been sold for £44.8m – a yield of 2.26%.
Aberdeen Asset Management, acting on behalf of HBOS UK Property Fund, sold the long leasehold on 192-194 Oxford Street and 26 Market Place, W1, to St George’s Hall Holdings.
Russell &Bromley’s lease expires in March 2018. Other tenants occupy three floors of offices.
The fund bought the property in 2011 for £19m.
Kerri Hunter, fund manager at HBOS UK Property Fund, said: “This sale is in line with our strategy to selectively sell out of mature assets and reinvest into those offering active management opportunities.”
Jackson Criss and Forsters acted for the fund and Cushman & Wakefield and MacFarlanes advised the purchaser.
