A property investment subsidiary of the Sisk Group has availed of the strong market conditions in London sell a shopping complex on Oxford Street to a Hong Kong-based group for £38 million (€45.7 million).
The Dublin-based Korine Property Partners acquired the property at the Marble Arch end of Oxford Street towards the end of 2006.
It was subsequently modernised to accommodate two retailers, Asics and Evans, which are paying a combined rent of £1.655 million (€2 million) per annum. The new owners will have an initial return of 4.1 per cent on the investment.
The redevelopment included double height frontages on to Oxford Street. There is also planning consent for a new fourth floor extension to the Marriott Hotel above the retail building.
Asics has taken a 15-year lease at a rent of £660,000 (€794,000) per annum, reflecting a zone A rate £394 (€474) per sq ft. Evans’ rent of £995,000 (€1.2 million) equates to a zone A rate of £365 per sq ft.
