Liu Chong Hing Investment, a Hong Kong-listed group, has bought Barratt House, 341-349 Oxford Street, from Aviva Investors and PSP Investments for £44 million or a 5.6% net initial yield.
Reevo Capital acted as acquisition adviser and asset manager.
The property is a virtual freehold with approximately 1,872 years unexpired.
The 16,200-square-foot retail and office property occupies a corner position, close to the junction of Oxford Street and Bond Street, at the heart of Oxford Street’s ongoing development cluster.
The large flagship retail unit was fully refurbished in 2018 with a new façade installed and is let to Vodafone until October 2028. The office floors were refurbished in 2021.
Clifford Chance advised LCHI and Reevo Capital. CBRE acted for Aviva and PSP.
Reevo Capital is a real estate investment and asset management firm with offices in London and Hong Kong. The firm was founded by Shong Chua, previously managing director at Colony Capital, where he was responsible for pan-European investments for NorthStar Realty Europe.