Orchard Street Investment Management, on behalf of St James’s Place UK, has completed the acquisition of 141 Wardour Street in Soho for £55m, reflecting a net initial yield of 4.31%.
The 1930s freehold property, which was redeveloped behind a retained facade in 2001, provides 34,000 sq ft of office and retail space over six floors.
It is fully let to two tenants, with film production studio Moving Picture Company occupying the entire office space at £73 per sq ft and Princi, an Italian restaurant and bakery chain part-owned by Starbucks, operating across the ground and basement floors at £80.74 per sq ft, providing a combined rental income of £2,533,091 pa.
Harry Buxton, acquisitions manager at Orchard Street, said: “The purchase of 141 Wardour Street makes a great addition to the portfolio on account of its prime Soho location, proximity to Crossrail and underlying reversionary profile. We believe Soho’s diverse occupier mix and vibrancy will continue to flourish and reinforces our investment strategy of acquiring well-located assets with strong long-term characteristics.
Orchard Street was advised by Colliers International. The seller was unrepresented.
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