The Foyle family, owners of London’s oldest bookstore, have put a portfolio of their Soho properties up for sale.
Their Noved Investment Holdings has instructed DE & J Levy and H2SO to sell the 125,000 sq ft portfolio. It is seeking £62.5m for the properties, reflecting a 3.7% yield.
The portfolio comprises the retailer’s flagship store at 111-117 Charing Cross Road, WC2, plus multi-let, mixed-use buildings at 10-14 Greek Street and on Manette Street, both W1. Rents on the properties average around £20 per sq ft.
Foyle’s will remain in occupation at the Charing Cross premises until around 2013, when it will move to its new store at 107-109 Charing Cross Road, which it bought in March for less than £30m.
The site of the former Central St Martin’s School of Art will be transformed into a 75,000 sq ft three-storey store with flats above. Noved will retain ownership of the asset.
joanna.bourke@estatesgazette.com
