Orchard Street Investment Management has successfully acquired 64/76 New Oxford Street in a £36.5 million off market deal, on behalf of St James’s Place Wealth Management.
Jaro Real Estate purchased the mixed-use West End property in 2011 on behalf of private clients. Since then the office element has undergone an extensive refurbishment
The refurbishment involved the addition of a fourth floor and roof terrace, along with the extension of the existing floors. It also included the installation of a new curtain wall, recladding, new double glazing and the complete renewal of the plant.
The property now provides 17,729 sq ft of Grade A office space along with two ground floor retail units. Currently, the first floor is let to corporate trading company Active International at a reflecting rent of £67.50 per sq ft, while the three remaining floors are currently vacant and being marketed at rents of £70 per sq ft.
The two retail units are let to Japanese takeaway chain Itsu and sandwich franchise Pret a Manger with reflecting rents of £97 Zone A and £140 Zone A respectively.
Partner at Orchard Street, John Humberstone, said: “This is a Grade A property in the area of London which has been the focus of intense development and regeneration activity.
“With a transformation of this part of the West End firmly underway we would expect the property to benefit from further rental growth for both the office and retail space”.
David Hallett, Director at Jaro Real Estate, added: “The refurbishment of the property has transformed the presence on New Oxford Street which will be further enhanced and repositioned by the opening of the new Crossrail Station at Tottenham Court Road”.
Nightingale Partners represented Orchard Street, while Colliers represented Jaro Real Estate. David Hanrahan at Colliers is currently acting as letting agent for the office element of 64/76 New Oxford Street.
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