Dublin-based Power Corporation have bought 408-414 Rodeo Drive, Beverley Hills, Los Angeles, for $22.5m. The 12,500-sq ft property comprises five shops and produces $823,000 pa, rising to a projected $2m in 1991. Power have made a total of four US purchases this year. The company already have a 17% stake in a 126,000-sq ft retail scheme that is nearing completion at 2 Rodeo Drive; a 30% stake in the Ambassador Hotel, Los Angeles, purchased for $64m; and own Rheinlander Mansion in New York, for which they paid $43m.
A spokesman for the group said: “This year has seen a drive towards the US, where we see more uplift in value than in the UK property sector. Our ultimate aim is to invest 40% of our assets in the US, 20% in the UK and 20% in Ireland.”
Meanwhile, in the UK, Power have paid £1.25m for 152-154 Walton Street, SW3, with the intention of refurbishing the property and selling it on.
