Singaporean investor snaps up Belstaff House

Oxford Properties and Richemont have sold 135‑137 New Bond Street, W1, known as Belstaff House, for £180m to an unnamed private Singaporean investor. The sale price reflects a circa 3% yield. Richemont had held its ownership through its real estate arm, RLG Real Estate Advisors. The Grade II listed property is home to luxury brand Belstaff’s flagship London store, which agreed to let the entire building on a 20-year lease at an annual rent of £3m in 2012. At the time, the letting set the record for the highest rent paid on Bond Street for a new open-market letting. The brand was acquired last October by chemicals giant Ineos, which is majority-owned by Sir James Ratcliffe, one of the richest men in the UK. Click here to find out why Singaporean investors are targeting the UK Oxford Properties and Richemont acquired the 25,000 sq ft building in 2014 along with 130-134 New Bond Street for more than £300m, reflecting a sub-2.5% yield, according to Radius Data Exchange. 130-134 New Bond Street, which is home to watch retailer Breitling, Italian menswear designer Corneliani and the Opera Gallery, remains under Oxford Properties and Richemont’s ownership. The pair had come together to somewhat dominate New Bond Street, having controlled 230 ft of frontage. They also own 48-50 New Bond Street, bought in 2016 from Aberdeen Asset Management in the months after the Brexit vote, when the open-ended fund manager was selling assets in order to pay back redemptions. Savills advised the buyer. Main image: Hufton+Crow/View/Rex/Shutterstock To send feedback, e-mail Louise.Dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette