Jade Propco, a vehicle linked to CalSTRS, the California State Teachers' Retirement System, has bought 31 Old Bond Street for £36.28 million or a circa 3.5% net initial yield.
The transaction, which completed last year, sees Hong Kong investment vehicle Sure Honest Investments sell the circa 3,000-square-foot store on London's most prime retail thoroughfare. The building is occupied by Italian luxury clothes brand Herno.
The Hong Kong investor bought it in 2016 from Leviev KLG Jewelry, for £36 million, reflecting a net initial yield of 2.59%.
The property was then let in its entirety to the international jeweller Nirav Modi on a new 15-year lease from 2 February 2016. Outerwear brand Herno opened its store in the building in 2019.
Calstrs declined to comment. In its most recent six-monthly activity report for the period between 1 January and 30 June 2025 it reported a total portfolio net asset value of $46,98 billion and disposed of $599 million of assets.
Global investors, particularly major luxury retail and fashion brands, have continued to pay circa 3% yields for the rare buildings that become available on Bond Street in the recent cycle, with the street appearing immune to investor apathy elsewhere in the UK or the capital.
Hanover Green advised the vendor.