Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, has completed the acquisition of 25 Great Pulteney Street, a prime new build office asset in Soho, London for £54.4 million. The asset was acquired on behalf of St James’s Place from F&C Commercial Property Trust Ltd (‘FCCPT’) managed by BMO Real Estate Partners (‘BMOREP’). The purchase price represents a yield of 3.96%.
Recently redeveloped, theseven-storey building provides 32,500 sq ft of high quality, contemporary, Grade A office accommodation with excellent natural light and four roof terraces. The property is fully let to WPP, CarVal Investors, Medicxi Ventures and Zebedee Capital Partners with rents ranging from £70.00 to £96.50 psf for the upper floors and has a WAULT of six years. Great Pulteney Street sits within the heart of the West End’s vibrant Soho district which benefits from a diverse range of tenants.
Tom Chadwick at Orchard Street, commented:
“25 Great Pulteney Street is an outstanding fully let office building occupying a great spot in Soho which continues to thrive, making it an excellent addition to the portfolio.”
Orchard Street was advised by Savills and FCCPT was advised by Strutt & Parker.
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Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market. It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres. Orchard Street currently has assets under management exceeding £4 billion.