^{Source: Savills Research}

■ In the largest deal of September, Norges Bank Investment Management purchased West One Shopping Centre & 75 Davies Street from Orchard Street Investment Management for £240m, reflecting a net initial yield of 3.46% and a capital value of £2,665 per sq ft. The 95-year long leasehold interest comprises 90,065 sq ft of office and retail accommodation with a weighted average unexpired term of approximately 6.5 years. The centre sits on a 0.75-acre site located directly above Bond Street Underground with Norges expected to reposition both the retail and office elements in an effort to capitalise on the opening of Crossrail in 2018.

■ Bestseller Group has reportedly acquired 293-297 Oxford Street for a price of £172m, reflecting a net initial yield of 2.24% and a capital value of £3,407 per sq ft. The asset which also includes 14,14a & 15 Hanover Square and 1-7 Harewood Place totals 50,487 sq ft of retail and office accommodation. The asset benefits from a short unexpired term with a block date of March 2017 which will facilitate development of the asset. The property was discretely marketed over Q2 with the vendor, M&G, approaching a select number of parties.

■ Amsprop has sold Fitzroy House, 355 Euston Road for a price of £45m reflecting an attractive net initial yield of 4.51% and a capital value of £1,057 per sq ft. The property consists of office accommodation totalling 42,557 sq ft multi let for an unexpired term of approximately seven years at an average rent of £50.41 per sq ft over all. The property was first marketed in November 2014 and was rumoured to be withdrawn before it was revealed that ESAS had purchased last month.

■ Savills is currently marketing 39% of all available properties by volume within the West End over 13 sales. Please contact us for more details.

■ The IPD average equivalent yield stands at 4.71%, down from 4.92% this time last year. Savills prime yield remains at 3% and the IPD initial yield continues to fall as outlined in Graph 2.

^{Source: Savills Research, IPD}

^{Source: Savills Research}