Alexan Ltd has sold Sedley Place on Oxford Street to Scottish Widows Investment Partnership Property Trust for £76 million, reflecting a net initial yield of 4.27%.

 

Sedley Place is a prime retail investment situated on Oxford Street, close to the Bond Street tube underground station.  Retailers including Forever 21, Disney, Footlocker and Zara all have flagship stores within close proximity. 

 

The property is fully let to 8 tenants, with c. 85% of income secured to Boots for over 13 ½ years.  Following the rental growth seen on Oxford Street over the past 12 months, most notably Desigual’s new letting at 360 Oxford Street which is directly opposite Sedley Place, at a rental level of £710ZA, Sedley Place is considered to be reversionary with rental growth expected at the new rent review in 2014. 

 

CBRE acted on behalf of the vendor Alexan Limited, with Angermann Goddard & Loyd and Douglas Stevens advised SWIP.