A new yield record of less than 1.5% has been set in West End hotspot Bond Street.

A private Far Eastern investor has agreed to buy the home of Gina shoes at 9 Old Bond Street, W1, for a record yield of 1.42%.

It has paid Guy’s & St Thomas’ Charity £19.2m for the 3,000 sq ft property, reflecting a capital value of £6,516 per sq ft.

It is the first time the building has been traded in 50 years.

Selling agent CBRE approached a handful of overseas buyers with the opportunity. Central London retail investment director Richard Alsop said: “The sale reflects both one of the lowest yields and one of the highest per-square-foot prices ever achieved on the street, and demonstrates the continued demand from overseas high-net-worth individuals.

“The strength of bidding from the shortlisted parties led to an exceptional price being achieved and an exchange of contracts in less than 24 hours.”

David Renton, finance and development director of Guy’s and St Thomas’ Charity, said: “9 Old Bond Street has been a beacon of quality and performance in our property portfolio for over 50 years. We look forward to reinvesting the proceeds in some of our other London properties as well as increasing our funding to support health innovation across the London boroughs of Lambeth and Southwark.

”The most recent record yield on Old Bond Street was 2.75%, set in February via Prada’s purchase of 17-18 Old Bond Street.

Gina shoes has a lease on 9 Old Bond Street until 2023, paying a passing rent of £287,500.

It has a rent review in December, however, and based on current West End rates, agents said the current zone-A of £535 per sq ft could soar by 59% to £850 per sq ft.

On rent review, the yield could rise to 2.7%. Cushman & Wakefield represented the purchaser.