Greycoat - Retail - London NW1, 76-88 Wardour Street

Date: 05 May 1998

Greycoat today announced that it has exchanged contracts to buy the freehold of 76-88 Wardour Street, London, WI from London & Regional Properties Ltd for £13 million in cash.

The building currently totals some 39,600 sq ft net of which approx 16,000 sq ft is restaurant and retail accommodation on basement and ground levels let to Slug & Lettuce Ltd, Les Bain Douches London Ltd and American Coffee Traders Ltd. The first and second floors of offices are let to Godman's Ltd and Pelican Group PLC respectively and the current income totals £607,750 per annum. The building benefits from a planning consent for a new office entrance hall together with the refurbishment/reconstruction of the third and fourth floors and the addition of a new fifth floor increasing the total net area by approx 9,500 sq ft. Work will commence in late Summer and the resultant 18,000 sq ft net of offices will be available in the Summer of 1999.

Commenting on the deal Peter Thornton, Greycoat's Chief Executive said: "Complementing our purchase earlier this year of the Warner Brothers building in Wardour Street, this is another excellent opportunity for us in the rapidly improving Soho market, to add value by improving and extending the building."

Greycoat were represented by Purkiss Hanrahan and London and Regional by St Quintin.

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