A Soho office and retail block has been traded for the first time in more than 35 years.
SE Land & Estates has bought the four-building block at 80-84 Brewer Street and 10-11 Lower John Street, W1, from Great Malvern Holdings and one of the company’s directors.
The site was last under offer before the onset of the Covid-19 pandemic at around £17m, and SE Land & Estates is understood to have paid less than that.
The 10,000 sq ft block includes office, retail and residential space, with passing rent of some £600,000 a year and an average of seven years to lease expiry.
Avi Orenstein, investment director at SE Land & Estates, said: “We are pleased with the successful off-market acquisition of this rare unmodernised freehold block in the heart of Soho – one of the most vibrant and exciting districts of London.
“This acquisition forms part of our strategy to invest in well-located assets in improving London submarkets, with the opportunity to drive value through our active asset management approach. The property presents good upside potential through a variety of outstanding and upcoming lease events, with the opportunity to pursue increased massing to drive additional value in the future.”
Whitmarsh Holt Young and Ingram Winter Green advised SE Land & Estates, with Cooper Chen and Simmons Stein advising the sellers.
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