Comprising eighty New Bond Road and 325 Oxford Road, the asset includes 37,414 sq ft of business and retail area.
The house was purchased from Aviva Buyers by Hines on behalf of Hines European Benefit Fund two (HEVF2), for an undisclosed sum.
It is at the moment enable to four tenants with vacancy obtainable from August 2020. Hines will refurbish equally the site’s retail and business area.
This is the third acquisition for HEVF2, bringing the quantity of equity allotted by the fund to €300m. When the very first fund lately closed, it had secured €637m.
Jake Walsh, director of Hines British isles, said: “Oxford Road and Bond Road are amongst the world’s most legendary and preferred retail streets. With the eagerly anticipated adjacent Hanover Sq. progress completing afterwards this year and the shipping and delivery of the Bond Road Crossrail station on the way, this area is positioned to capitalise very well on localised developments, and will be a distinctive shop window for any world-wide brand name in an unparalleled area.”
Paul White, fund manager of HEVF2, added: “This is a great flagship acquisition for HEVF two. It epitomizes the HEVF collection philosophy of sharp emphasis on key locations in key marketplaces, and on assets that the Hines in-home skillset can actively strengthen to produce new main serious estate.”
Gary Sherwin, head of British isles transactions at Aviva Buyers, also commented: ““The fund in which the house is held is growing its allocations into assets with protected cash flow streams, together with pre-enable business and resort investments in Cambridge and Manchester, which are vital locations in our serious estate expense tactic. We go on to have urge for food for key retail assets in metropolitan areas with robust financial fundamentals, together with those people that are desirable tourist and leisure destinations.
“However, we will sell homes when we can reach an desirable return for our purchasers and consider the proceeds can be far better redeployed in other places, together with our robust pipeline of business progress opportunities in London. The sale of this asset satisfied our goals through a aggressive bidding process.”