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Three prime West End properties snapped up for £71m in acquisition deal

Property firm Portland Estates has announced the acquisition of 73/77 Oxford Street Ltd for £71m which will see it take on three upmarket West End properties..

The deal, announced today to the stock exchange, is for the entire issued share capital of the freeholder whose only assets are properties at 73/89 Oxford Street, 95 and 96 New Bond Street.

London-based Portland, who look after over £3.2bn of real estate assets, and Oxford have worked together previously on the 90,000 sq ft Oxford Street retail and office re-development since 2011.

Commenting on today’s acquisition, Toby Courtauld, GPE Chief Executive said: “We have worked closely with the freeholder of 73/89 Oxford Street since agreeing the original transaction with them in 2011, enabling us to unlock an exciting development opportunity at the eastern end of Oxford Street, which we commenced in January 2015.

“By acquiring the freehold interest, we have created a 100% prime investment asset, adjacent to a Crossrail station, in one of the London’s most exciting locations.”

The properties at New Bond Street, consisting of 4,800 sq ft of retail and office space at number 95 and a further 4,800 sq ft of retail accommodation at 96, are both strategically placed near the new Bond Street Crossrail station as the developer looks to capitalise on the increased rents once the Elizabeth Line opens.

Toby added: “The New Bond Street properties will further extend our longer term pipeline of development opportunities and are in close proximity to the GHS Partnership’s Hanover Square estate, which itself has a substantial retail component on New Bond Street.

“Whilst already reversionary, we expect the location to show strong rental growth in the coming years as Crossrail nears completion and our Hanover Square development is completed.”

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