The Company, which is majority owned by businessman Mike Ashley, is believed to have purchased the property as a flagship store for its new retail brand, Flannels. The office space above will also be used to house its staff moving from 120 New Cavendish Street, which was sold by Ashley in 2015.
■ Off market and advised by Savills, Great Portland Estates sold Mortimer House, 37-41 Mortimer Street for £26.95m, reflecting a capital value of £1,132 per sq ft. The freehold property, currently arranged as offices totalling 23,799 sq ft, was offered with vacant possession and has consent for a triple B1/A1/A3 use on the ground and basement floors. The purchaser is looking to implement a premium work and lifestyle concept with a strong emphasis on hospitality.
■ Precis Management Services finally sold The London Automotive Factory, 184 Shepherd Bush Road for £97.15m, reflecting a 4.6% net initial yield and a capital value of £838 per sq ft. The freehold interest was originally launched to the market in November and comprises 115,973 sq ft of newly developed office accommodation. The property is single let to Dunhumby Ltd on a new 15 year lease at an overall rent equating to only £39.50 per sq ft.
■ We have witnessed a noticeable increase in overseas institutional purchaser activity this year, making up over a third of the market. This compares with 21% and 25% over 2015 and 2014 respectively (see Graph 1). UK institutions have been significant net sellers this year, making up almost a third of all sales, but under 2% of acquisitions by turnover.
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