CBRE Global Investors (CBRE GI) has sold an office property in London's Soho district to a residential developer for £43 mln (€58 mln).
CBRE Global Investors (CBRE GI) has sold an office property in London's Soho district to a residential developer for £43 mln (€58 mln).
CBRE GI carried out the sale on behalf of its UK Property Fund.
Located at 37/38 Golden Square in the heart of Soho, the mixed-use office, retail and restaurant building comprises 2,600 m2 arranged over lower ground, ground, and seven upper floors. The offices are multi let to six tenants with a further seven tenants occupying the ground floor retail units.
In November last year the fund secured planning consent to convert the upper floors to 22 apartments, which includes an additional 560 m2 of floor space.
Hannah Marshall, fund manager of CBRE Global Investors, said: 'Having secured a valuable planning permission last year, we see this as an opportune time to sell, particularly in light of the continued strength of appetite for the Central London market.'
'Our exit strategy has been carefully considered and the proceeds of this sale will be used to invest in other opportunities where we see greater value.'
CBRE Residential and Hanover Green acted for CBRE Global Investors on this sale. Levy Real Estate acted for the purchaser.
The CBRE UK Property Fund recently acquired a Sainsbury’s supermarket in Chesham for £31.6 mln and continues to outperform its benchmark over 12 months, 3 and 5 years.