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Trophaeum Asset Management has purchased Halcyon Gallery on New Bond Street from Brazilian billionaire Joseph J Safra for around £130 million.
The sought-after site at 144-146 New Bond Street is currently let to Halcyon Gallery with 10 years left on the lease and is a prestigious addition to Trophaeum’s portfolio of super-prime retail and office assets in London’s West End, which include adjacent properties at 139 and 143 New Bond Street.
Zone-A rents for the area have increased in recent years from £190/sq ft in 2013 to around £700/sq ft. The price secured for the new 15,318 sq ft property reflects a yield of just 1.7%, but this is expected to improve after a rent review.
According to Trophaeum managing director Matt Farrell, “The building is unique and one of the most beautiful assets on the street… It has a beautiful listed facade and spectacular interiors, which are key characteristics for a luxury maison… For luxury fashion and accessories, the area from Bruton Street to Grosvenor Street has seen a huge influx of brands in the last few years, and is now regarded as the most prime pitch for luxury fashion and accessories.”
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.
Photo copyright Beepea3110, CC BY-SA 2.0