The Great Ropemaker Partnership, a 50:50 joint venture between Ropemaker Properties, the property nominee of the BP Pension Fund, and Great Portland Estates, has completed the sale of the 53-year short leasehold interest in 103/113 Regent Street, W1 for £52 million.
In a stock market filing GPE said the building had been sold to a private client of JLL.
Market sources suggested the buyer is the family office of Japanese billionaire Tadashi Yanai, founder and chief executive of Uniqlo operator Fast Retailing. Yanai's family office has previously been reported to have bought Uniqlo flagships in Covent Garden, Amsterdam and Milan.
GPE added that the headline price of £52 million is marginally behind the March 2025 book value and reflects a 7.2% net initial yield and a capital value of £912 per square foot.
The latest disposal brings GPE’s total sales in the last 12 months to £490 million, 2% in aggregate ahead of the respective March 2025 book values.
103/113 Regent Street is a 56,850-square-foot Grade II-listed building comprising a large retail unit with full frontage on to Regent Street and offices above. It is fully let to Japanese fashion retailer Uniqlo, as its London flagship store, until 2036. The building is held leasehold from The Crown Estate on a lease expiring in April 2079.
GRP bought the property in December 2009 with the sale crystallising a whole life ungeared internal rate of return of approximately 10.9%.
Sophie Pearce, senior portfolio manager at GPE, said in a statement: “This sale marks a successful conclusion to a long-term investment for the Great Ropemaker Partnership. Since acquiring the building in 2009, we have benefited from strong occupier performance, sustained income growth and the enduring appeal of Regent Street as one of London’s prime retail locations. The transaction reflects our ongoing strategy to recycle capital into opportunities with greater potential for value creation, while delivering strong returns for our partners.”
Uniqlo Fast Retailing did not respond to a request for comment. JLL did not comment.