New Oxford Street Office Investment Purchase
February 6, 2012
A private investor has purchased Medius House, 19,000 sq ft of office and retail space at 63-69 New Oxford Street, London WC2 from The Crown Estate for £8.6m, reflecting a net initial yield of 5.38%. The retail unit on the ground floor is let to Jessops Ltd, with five office tenants above. All the leases expire in March this year having been previously let to Mars Pension Fund. The buyer will be carrying out a refurbishment of the offices to provide open plan 2,500 sq ft floors which Hanover Green will be marketing in due course. Other leases will be renewed where appropriate. Hanover Green represented the purchaser in this off market deal.
