A Turkish investor delighting in a Fitzrovia office block this week, has helped push full-year West End turnover on track for a record £4.9bn.
The buyer, advised by Savills, has bought vacant office block 7,200 sq ft Emerson Bainbridge House, W1, for a £13m residential redevelopment.
It paid close to £8m to Charterhouse Ventures – advised by Robert Iriving Burns – for the block. The deal concludes a flurry of deals in the West End this week totalling over £200m.
Other transactions include Mitsubishi Estates Company, represented by Colliers International, exchanging contracts to buy government-let Clive House, SW1, for £90m – a 4.25% yield – from German Investor Real IS.
BNP Paribas Real Estate has forecast full-year West End revenue will hit £4.9bn – up 38% from last year and the highest figure seen since 2005.
Tim Hugill, director of West End investment at BNP RE, said: “An outlook of positive rental growth and strong investor appetite from overseas, as well as the UK, has led to hardening yields that has stimulated an increase in volume.
“Furthermore, we have seen a significant proportion of off-market deals tempting vendors to exit at levels, exceeding expectations.”
Knight Frank acted for Real IS.