Northwood lands in West End
Northwood Investors is buying 90 Long Acre, WC2, for close to £165m – a 5% yield. The New-York-based investor is under offer to buy the 194,000 sq ft office block from a consortium led by US investor Witkoff Group. Native Land had previously been in the running. Jones Lang LaSalle advised.
Office-to-resi deal in SW1
Dukelease has bought 25-28 Buckingham Gate, SW1, for a high-end residential conversion. The company paid SWIP £22m – a 1.85% yield – for the 28,700 sq ft office block. It has short-term income ahead of vacant possession in February 2014. Hanover Green and Leslie Perkins acted for Dukelease; H2SO advised SWIP.
Rockspring shops in MK
Rockspring Property Investment Managers has forward purchased a Sainsbury’s development in Milton Keynes from Frontier Estates. It has paid £12.4m – a 5.1% yield – for the 38,000 sq ft shop with 238 car parking spaces. The building is prelet to Sainsbury’s on a 25-year lease. Douglas Stevens acted for Rockspring; Warneford advised Frontier Estates.
Milton buys industrial portfolio
The Milton Group has bought a multilet 200,000 sq ft industrial portfolio from Ignis Asset Management for £11.1m – an 8.3% yield. The Griffin portfolio comprises assets mainly in the South East. Montagu Evans acted for Milton; BNP Paribas Real Estate advised Ignis.
