15 Aug 2015
The freehold interest in 55 Conduit Street, London W1, has been sold by Artesian to a private investor at a yield of sub 3%.
The property comprises five luxury apartments on the upper floors with a ground floor prime retail unit let to fashion brand, Vanessa G, on a 10-year lease from 2014.
Total current annual income from the investment is £162,500 and the purchase price was in excess of £5m.
Henry Leighton of Levy Real Estate – who advised on the freehold sale – commented: “Artesian bought the building in 2012 and carried out a comprehensive refurbishment which included the addition of a further floor.
“The level of interest in the freehold is indicative of the strengthening of Conduit Street as a retail location and also the quality of the residential that has been created.”
Conduit Street is benefiting from being a direct link between the shopping pitches of Regent Street and Bond Street. Top Zone A rents on the street have risen to above £550.