Warrior Capital has sold Planet Organic’s head office and flagship store in Notting Hill for £11.4m to SRG Holdings.
The sale price for the 12,746 sq ft property at 42 Westbourne Grove, W2, reflects a net initial yield of 4.6% and a capital value of £890 per sq ft.
The agreed passing rent is £571,550 per annum, which equates to £45 per sq ft. Planet Organic, which is owned by private equity firm Inverleith, signed a new 15-year lease last year.
Warrior acquired the building in October 2018 and has achieved a leveraged IRR of 97% with its sale.
Ryan Todd of Warrior Capital said: “Through marrying the purchase of the asset with a re-gear of Planet Organic’s lease we were able to maximise the valuation and minimise our front-end equity contribution.
“This is one of London’s most vibrant areas and we remain committed to acquiring further properties and enhance them through active management.”
Tydus and Orme Property acted for Warrior Capital in the sale. SRG Holdings was advised by CBRE.
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