Nuveen to shed New Oxford Street office asset after 15 years

US TIAA's London-based Nuveen asset management arm has decided to sell No1 New Oxford Street in London after a 15-year holding period, PropertyEU has learned.

Nuveen, which bought the asset in 2004, is understood to have instructed CBRE to market the asset for a price in excess of £180 mln (€215 mln), reflecting a yield of around 4%.

Fully renovated in 2017, No1 New Oxford Street provides 95,000 sq ft (8,826 m2) of Grade-A office accommodation rated BREEAM Excellent, a communal roof terrace and 12,000 sq ft (1,115 m2) of retail space with a street frontage that echoes its past, overlooked by a clock tower.

Nuveen declined to comment on the sale.

The New Oxford Street property is the latest in a string of high-profile assets and developments currently being offered for sale in the UK capital. Improved investor sentiment recently prompted Almacantar to opt for the disposal of Southbank Place, a recently completed office complex and home to oil giant Shell and a 26,000 m2 space occupied by WeWork. The landlord is said to be entertaining bids for the asset next to Waterloo station at a 3.5% yield, equating to nearly £900 mln.

Similarly, British Land is said to be looking for a partner to accelerate the delivery of its £3 bn Canada Water scheme in south east London while Westbrook Partners is exploring a sale of the Dolphin Square estate in Pimlico for over £850 mln. Meanwhile, Brookfield has instructed agents to sell the One and Two London Wall Place City development for £750 mln only two months after taking full control of the asset.

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