Hong Kong investor buys prime London site

A Hong Kong investor has bought a prime retail site on London’s Oxford St to add to a growing portfolio in the precinct.

The Knight Frank West End capital markets team secured the freehold interest of 181-183 Oxford St for £35 million, on behalf of Hong Kong investor Emperor International Holdings. The property has a net initial yield of 2.64 per cent and was bought from a private client of Cew Capital.

The 11,920 sqft property is arranged over lower ground, ground and five upper floors, with Vision Express being the retail occupier at a rent of £875,000 per annum on an unexpired term of 12 years.

The building is located on a key site on the south side of Oxford St between the junctions of Ramilles St and Poland St, which has a high footfall.

James McCluskey, partner, West End capital markets team, said the off-market purchase of complements Emporer’s existing Central London portfolio.

“With the arrival of Crossrail in 2018 the eastern stretch of Oxford St is set so improve, and we are forecasting significant rental uplift on the back of the transport infrastructure improvements.”

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