Soho office asset sold to Shaftesbury for £87 million
72 Broadwick Street, a mixed-use office and residential scheme in central London, is sold to Shaftesbury plc for £87 million.
The asset was acquired by Legal and General and PGGM in partnership with Arbrook Land in January 2015 for £67 million. The sale offers an attractive return against the investment objective to deliver an annualised net IRR of 10%.
Located at the eastern gateway to Carnaby Street, the property occupies a strategic island site at the junction of two key Soho thoroughfares and will benefit significantly from the opening of both the Tottenham Court Road and Bond Street Crossrail stations in 2018. The building provides 54,100 sq ft of office accommodation, eleven apartments and a large basement car park.
Nigel Fuller, Senior Fund Manager at Legal & General, said: “This is a fantastic deal and testament to the strength of our central London office strategy. Through clever stock picking and active asset management, the team has delivered an exceptional outcome for our investors and strong returns.”