Landsec and international real estate firm Hines announce the exchange of contracts on the sale of 7 Soho Square for a total consideration of $99 million (£78 million), reflecting strong demand for high-quality office and mixed-use space in central London.
The sale to the Hines Pan-European Core Fund (HECF) is expected to complete in mid-October. The sale price reflects a 4% yield.
7 Soho Square comprised of 62,000 square feet of mostly office, plus ancillary retail and other accommodation arranged over the basement, ground and six upper floors, with reconfiguration and reversionary potential. The property is located in one of the most vibrant and popular areas of the West End and benefits from excellent transport access.
The building is fully let, with Trip Advisor, the world’s largest travel platform occupying the majority of the office space, and planning consultancy Barton Willmore the other office tenant. The retail element on the basement and ground floor is leased to Tesco.
This is third signature acquisition Hines has made in the central London market this year, closely following the purchase of a mixed-use retail and office scheme on the corner of Oxford Street and Bond Street, and the Grain House consented office scheme in Covent Garden.
Source : Company