Orchard Street picks up Fitzrovia mixed-use block
Orchard Street Investment Management has completed the acquisition of 27-35 Mortimer Street in Fitzrovia, W1, from Great Portland Estates for £38.5m – a 3.9% yield.
Acquired on behalf of St James’s Place, the property provides 22,000 sq ft of office accommodation and 9,000 sq ft of retail space.
The building is fully let with total rental income reflecting a rent of £57.70 per sq ft on the offices and £36.69 per sq ft on the retail space.
Orchard Street Investment Management has completed the acquisition of 27-35 Mortimer Street in Fitzrovia, W1, from Great Portland Estates for £38.5m – a 3.9% yield.
Acquired on behalf of St James’s Place, the property provides 22,000 sq ft of office accommodation and 9,000 sq ft of retail space.
The building is fully let with total rental income reflecting a rent of £57.70 per sq ft on the offices and £36.69 per sq ft on the retail space.
It was developed behind the retained façade in 1998, followed by a comprehensive refurbishment in 2014. It is located between Oxford Circus and Tottenham Court Road, a 10-minute walk from the incoming Crossrail station.
Harry Buxton, acquisition manager at Orchard Street, said: “Securing this property reflects our strategy of acquiring well-located, mixed-use assets within resilient markets that offer a range of potential asset management initiatives and good prospects for rental growth.
“We believe Fitzrovia will continue to thrive as a market owing to nearby developments enhancing the public realm, major infrastructure upgrades coming to fruition and Fitzrovia’s mixed-use environment appealing to a wide range of tenants, all of which will benefit the property in the long term.”
CBRE advised Orchard Street. Michael Elliot advised Great Portland Estates.
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