20-22 Mortimer Street, London W1
07th December 2016
A self-contained freehold office building at 20-22
Mortimer Street in London’s West End has been acquired by a private overseas
purchaser for a price of £11.65m, reflecting a net initial yield of 3.55% and a
capital value of £1,272 per sq ft.
The building was sold by a UK pension
fund client of Cyril Leonard, which
has held the asset since 1998.
The 9,155 sq ft building is fully let
to publisher, Carlton Books, which occupies both the ground floor showroom unit
and upper three floors of offices. Carlton Books has been in occupation
since 1999 and signed a new 10-year lease in July 2016 at a passing rent of
£442,000 per annum, equating to a low £48 per sq ft overall.
Oliver Spero, director at Cyril Leonard, said: "This successful
sale demonstrates the depth of demand for quality well let real estate in the
West End even in the post-Brexit environment. Demand was high from a
number of both domestic and international buyers and also demonstrates the
popularity of the Fitrovia sub-market."