Family office buys Oxford Street retail from Thor

Aspida Capital, a family office specialising in investment and asset management in UK real estate, has completed the purchase of 105-109 Oxford Street for £18.5m, in partnership with another family office. The property has two long-term retail tenants, Flying Tiger and Harmony, producing a passing rent of £1,075,000 pa and has been bought from Thor Equities. Thor paid £42m for the asset in 2015. Antony Antoniou, managing director of Aspida Capital, said: “Oxford Street is reclaiming its crown as the UK’s top retail destination. What started with the Elizabeth Line drawing increased footfall is now being cemented with the £1bn investment in the flagship retail stores for international brands. “This acquisition represents a very attractive investment opportunity, with excellent scope for both rental and underlying asset value growth, over the short to medium term.” He added: “We are currently seeing a narrowing of the gap between vendor expectation and investor appetite in the real estate sector. This has been driven by increasing pressure from banks for returns on their investments and the ‘higher for longer’ interest rate mantra from both sides of the Atlantic, underlining that any swift change in the market is unlikely. “The current market conditions are ideal for family office investors, who are cash rich and ready to deploy that capital in quality assets. We are actively looking at a number of commercial investment opportunities in the capital and beyond.” Aspida Capital was represented by Mark Harrison of Cyril Leonard; Thor was advised by Tydus.