The private family owners of London’s oldest bookshop, Foyles, are close to agreeing the sale of a portfolio of their assets for more than 10% above its asking price.
Noved Investment Holdings is in talks to sell 125,000 sq ft of Soho properties to the Lee family’s Princeton Investments for close to £70m.
The portfolio, which 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, was put up for sale in December, with an asking price of £62.5m – a 3.7% yield.
Should a deal to Princeton be completed, it will be the group’s largest West End investment in several years. Princeton began building a London portfolio last year, spending £30m on properties in Berners Street, W1, and Notting Hill, W11.
Other bidders for the Foyles assets are understood to have included Soho Estates, Realty Estates and Great Portland Estates.
One source close to the deal said: “Princeton has been a little bit quiet over the years, making smaller purchases outside of the core London market, but the company definitely wants these prime Soho assets in its portfolio. Princeton wants to convert a lot of the outdated offices, some of which are already vacant, for residential uses.”
Foyles will remain in occupation at its flagship store until 2013, when it will move to new premises at 107-109 Charing Cross Road, which it bought last March for less than £30m.
DE&J Levy and H2SO are advising Noved. All parties declined to comment.
joanna.bourke@estatesgazette.com
