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An announcement last week on behalf of the property companies Shaftesbury and Derwent London made public the sale and purchase of Jaeger House on Broadwick Street, London. It was reported that Shaftsbury has acquired the property from Derwent London for the sum of £30.75 million.
The property, which contains almost 25,000 square feet of mixed-use commercial and residential space, is in the Carnaby area of the capital, where, combined with the nearby Soho area, the purchasing company already owns a substantial amount of space. Shaftsbury’s holdings here, according to the statement on the purchase by the company’s CEO Brian Bickell, amount to a total value of £860 million.
He indicated that the attractiveness of the purchase was increased by the Crossrail project that is underway and due to open in 2018, and whose Tottenham Court Road hub – specifically the Dean Street entrance – will be close by to the Jaeger House site. The property is currently occupied by commercial tenants, with a rental value at present of £0.9 million a year.
The property also contains 37 residential units held on long-term leases, which are situated on the upper floors of the building, and whose leases will expire in 2156, meaning that they are likely to need to be renewed for a premium upon any future sale or purchase.
Derwent London has indicated that the current positive commercial property environment in London provided the company with an improved sale price, higher than the valuation made just at the end of last year. John Burns, the company’s CEO, advised that the profits would be ploughed back into further investment in the capital.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.