Savills - Offices Sale - London

Date: 01 Apr 2008

A private Middle Eastern investor, advised by Savills, has purchased 55 New Oxford Street from Standard Life for £35.5 million, reflecting a net initial yield of 6.09%. The property was originally marketed in November at £43.2 million.

The freehold office property, which was substantially refurbished in 2005, totals 46,497 sq ft (4,320 sq m), over lower ground, ground and eight upper floors. The main tenants are Twentieth Century Fox and Takeda Pharmaceuticals on 10 year leases granted last year. The total annual rental income generated is approximately £2.3 million.

Chris Gillum, director of Savills, comments: "Our client was attracted by the quality of this newly reconstructed office building at a net initial yield of over 6%. It also boasts an exciting location which will undoubtedly benefit from the Central St Giles scheme.''

Standard Life was advised by Godfrey Vaughan

55 New Oxford Street, London