US private equity group Westbrook has brought back to market 60 Charlotte Street and Scala House, a mixed-use trophy asset in Fiztrovia with a price in excess of £120 million expected, as a string of offices in London's West End have sold or gone under offer in recent days.
RX London is again acting on the sale after it was taken off the market earlier this year.
Aberdeen Standard Investments sold the freehold interest in 60 Charlotte Street to Westbrook for £80.75 million with a net initial yield of 4.4% in 2018. The acquisition, in part, enabled Westbrook to develop the property alongside the neighbouring Scala House.
Westbrook has refurbished the entire building bringing forward a multilet office, luxury serviced apartments and a restaurant unit. Tenants include Revcap and Palamon Capital.
Savills reports that it is one of just four assets, totalling £169 million, that were openly marketed last month, and as such became the first openly marketed income deal above £100 million in 2023. It added in its West End Market update: "This will provide a strong bellwether for demand and pricing for assets of scale, which have been scarce this year and is reflective of the current debt environment."
A number of sizeable deals have been agreed.
British Land has completed the sale of 126-134 Baker Street, W1, for £17.3 million, reflecting a 6.56% net initial yield, to a debut tie up between high-net-worth individual Terry Thiam and Malaysian development giant Amcorp Properties, CoStar News can reveal. It is thought that the site will be redeveloped for residential. CBRE advised British Land.
Host of The Apprentice Lord Sugar's Amsprop is separately understood to be under offer to sell The Portland Hospital, 215 Great Portland Street, for close to the quoting price of £56 million or a 3.75% yield. The buyer is understood to be a private Singaporean investor, although tenant HCA, the private healthcare provider, has also been strongly linked. CBRE is advising Amsprop.
Separately, Japanese construction giant Kajima is buying 27 Soho Square for around £45.5 million and a 4.5% yield from Federated Hermes.
Finally, Grosvenor is understood to be in final stage talks to sell ENI House, SW1, the Italian oil giant's London home, which is on the market at £60 million or a 5.70% yield. JLL is advising Grosvenor.
Tristan Capital Partners and Greycoat have appointed Newmark as they consider a sale of the long leasehold in Stirling Square at 5-7 Carlton Gardens in London's St James's, seeking £250 million.