West End Paramount House sold for £11.76 m
June 1, 2010
Resolution Properties, advised by Hanover Green, has sold Paramount House, the freehold property at 162 – 172 Wardour Street London W1, to a private UK investor for £11.76m.
The 21,475 sq ft office and retail block is multi let to ten tenants with a total income of £602,280 pa; 3,660 sq ft of office space is currently vacant with existing office leases expiring by January 2012. The deal represents an effective net initial yield of 5% and a capital value of £560 per sq ft.
The prominent basement to sixth floor corner building, built in the 1930’s, has good floor-to-ceiling height and the potential to convert the upper parts to residential use from January 2012.
