Advertising agency Clear Channel UK’s Soho headquarters has been sold for £23.5m to Orchard Street Investment Management.
The freehold of 33 Golden Square, W1 which provides some 17,198 sq ft of modern office space, was acquired on behalf of OSIM’s client, St James’s Place Wealth Management. The price reflected a net initial yield of circa 3.0% on this highly reversionary corner property with a lease expiry falling due this year.
The six-storey property, constructed in 1989, is currently let to Clear Channel UK at a rent of £805,000 pa, but there is scope for a refurbishment, redevelopment or re-gear when the lease expires later this year.
Gary Felce, partner at Orchard Street, said: “This core office building, located in an area of central London that has become increasingly sought after as the destination of choice by tenants in the media, TMT, corporate and financial services sectors, provides an excellent opportunity for us to reposition the asset for further growth.”
Hanover Green represented Orchard Street on the purchase.