London Mixed-Use Building Commands $237M
- Aug 09, 2017
A joint venture between Thor Equities and AEW will acquire 100 New Oxford St., a mixed-use building in London’s West End from Tishman Speyer for $237 million.
“100 New Oxford St. is a prime asset located in one of the most desirable districts in London for office and retail properties, and with the opening of the nearby Crossrail Tottenham Court Road Station, demand for space in the area will only continue to grow,” Joseph Sitt, Thor Equities’ CEO, said in a prepared release. “Thor remains strongly committed to London as a key global market, and we have proven to be able to continue to extract value from assets in the City and other key markets throughout Europe.”
Recently refurbished, the property consists of a total of 106,404 square feet with 18,507 square feet on the ground floor across six prime retail units and two restaurants, with more than 260 feet of frontage. The remaining area consists of Class A office space spread out over six upper floors.
According to a company spokesperson, Thor Equities’ strategy is to acquire retail and mixed-use properties in key urban markets throughout the U.S., Europe, Canada and Latin America, mostly targeting premier buildings in world-class tourist and business destinations with highly trafficked retail corridors.
With that in mind, the London property was a perfect fit.
100 New Oxford St. is situated a short distance from Tottenham Court Road Station, which is currently undergoing a major refurbishment, and when finished will provide access to the Elizabeth line, which is scheduled to open in 2018.
The immediate area is also home to a number of new retail and residential developments, some still under construction, including the Centre Point Tower, directly across the road from 100 New Oxford St., which will include 82 high-end apartments, as well as retail and restaurants.
According to Rob Wilkinson, AEW’s European CEO, the 100 New Oxford St. building is an exceptional property in an area that is benefitting from major investment and improvement.
“As such, the property represents a compelling opportunity and a great introduction to the London market for our German clients who we are very pleased to bring to the UK capital,” he said. “The asset is further augmented by the numerous residential and commercial development projects in the vicinity of the asset which are enhancing the area’s potential, boosting business and improving public spaces.”
Currently, the property has a roster of 16 tenants, including Shake Shack, Jessops, Costa Coffee and All Bar One on the ground floor, as well as Shisheido, WME Entertainment and Stanhope PLC on the upper floors.
Thor Equities is no stranger to London, with properties already owned including 151 Wardour St., 18 Conduit St., 145 Oxford St., 105-109 Oxford St. and Bond Street House at 14 Clifford St., as well as the Burlington Arcade in Mayfair.
Image courtesy of Tishman Speyer