KPMG’s Mayfair club sold
KPMG’s club for partners and clients in Mayfair has been bought by a client of Luxembourg-based fund Shaftesbury Asset Management for £96m – a 3.8% yield. The 125-year leasehold of 20 Grosvenor Street, W1, was sold by Grosvenor. KPMG has a 15-year lease expiring in 2030 with a break in 2025. Knight Frank advised Grosvenor.
Westbrook bags BWPT assets
Westbrook Partners has bought the majority of the London Collection portfolio from BlackRock Workspace Property Trust for £118m. The seven properties, including Baden Place, SE1, were sold for a net initial yield of 4.7%. Cortex Partners advised Westbrook; Allsop represented BWPT.
US state buys Harlequin
The State of North Carolina has bought the Harlequin Building, 65 Southwark Street, SE1, for £48.2m – a net initial yield of 4.25%. Meadow Partners bought the asset on behalf of North Carolina from Aberdeen Asset Management. The freehold block is let to six office tenants and one retailer and generates £2.2m pa. Colliers International advised Aberdeen.
Evolve goes shopping in Erith
Evolve Estates has exchanged contracts to buy Erith Riverside shopping centre in Bexley, Kent, from Frogmore for £17m. The 200,000 sq ft mall has 43 shops and generates £1.7m pa. It is held on a long leasehold for 150 years from 2005. Savills is acting for Evolve Estates; JLL is advising Frogmore.
KWE swoops for Essex shed
Kennedy Wilson Europe Real Estate has bought a 160,000 sq ft shed in Chelmsford, Essex, from a local real estate company for £10.5m – a 6.75% yield. Dukes Park is fully let to an international logistics business on a term expiring in 2019, with an option to extend the lease until 2023. Strutt & Parker and Harwin Property Consultants advised KWE.
