Enterprising buy in Paddington
Helical Bar has sold Enterprise House in Paddington, W2, for £43m. The 45,000 sq ft art deco office was bought by a private overseas buyer achieving a 10% premium to book value and a 4% initial yield. Tudor Toone and Kingly Partners acted for Helical Bar.
Patron and RBS sell Jupiter
Patron Capital and Royal Bank of Scotland have sold the Jupiter Hotels portfolio for £160m. The 26 UK assets were bought by a joint venture between the Thai FICO Holdings company and Singha Estate, the real estate arm of the Boon Rawd Brewery Company. CBRE Hotels advised on the sale.
Every little helps for Tesco
Meyer Bergman has bought 14 development sites from Tesco for £250m. The sites across London, the South East and Bath are suitable for mixed-use and residential development. Tesco and Meyer Bergman have completed on 11 of the sites, with deals still due to be concluded on the balance. Meyer Bergman was advised by Savills.
Stalled Kirkby regen site sold
St Modwen has exchanged on Kirkby town centre in a £35.8m deal with Tesco. The site consists of 400,000 sq ft of retail and leisure space with over 80 tenants. The price reflects an initial yield of 9%. The site is the focus of a potential £400m redevelopment plan. Tesco was represented by Morgan Williams.
Putney prize sold by Topland
Topland Group has sold a block of flats in Putney, SW15, for £15m, representing a 3.3% yield. The 24 flats have an annual income of £465,000 and were sold to a private investor. Chestertons is the managing and letting agent on the block. Cluttons advised Topland on the sale.
