Examples of some of the property investment sales and acquisitions deals we have undertaken in recent weeks for a few of our property investment clients are as follows:  West End team remains market leader
Windsor House, Victoria Street, London SW1
- On behalf of Bank of Ireland Private Banking, the West End Investment team has recently sold Windsor House, a 145,000 sq ft Grade A office building for £116 million, a yield of 5.73%
- The building was sold freehold and let on long term secure leases to Transport for London and Lloyds TSB plc
The West End Investment team sold £698 million of offices during the first three quarters of 2009, a c.42% market share and in the core area of Mayfair and St James', the team has sold £390m, a c.60% market share. In the year to date the team has undertaken inspections with 550 parties from 29 different countries. The West End team has capitalised on this strong demand and exchanged on £431 million worth of sales during the third quarter and currently have another £447 million either under offer or in the market. For an up to date briefing on the market and who is buying please call Damian Corbett on +44 (0)20 7399 5286.  National Investment office team dominates with 64% market share
Skandia House, Southampton
- Sale completed in September 2009 on behalf of PRUPIM
- A landmark town centre office building of 108,340 sq ft
- The property was let to Skandia for a further 6.50 years
- The property was purchased by Legal & General for £21.27m, a 9.06% NIY
The National Investment office team has been at the forefront of the upturn in the investment market. The office team transacted £67.40 million during the third quarter of the year equating to 64% of the South East office market. Other key transactions across the country have included the largest investment in the North West so far in 2009, at No. 1 Balloon Street, Manchester. The 106,000 sq ft city centre building was completed on behalf of private family trust client Wittington Investments for £21.10m, with a 6.5% yield. For further information contact Mark Wilson on +44 (0)20 7399 5874 or Jonathan Mills on +44 (0)161 828 6460.  Market leading position continues for City team
10 Gresham Street, London EC4
- Acting on behalf of Standard Life, the Jones Lang LaSalle City investment team has sold the long leasehold interest in 10 Gresham Street, London EC2
- The Foster & Partners designed, landmark building, developed by Standard Life, was acquired by German Fund Union Investments in the order of £142 million which reflected a net initial yield of c 7.0%
- More than 50% of the building is let to Lloyds TSB (total rental income is over £11 million p.a.)
Jones Lang LaSalle has advised on over £1.4 billion of transactions in the City and Docklands this year, a market leading 40% share. The team’s diverse client base in 2009 has included Middle Eastern banks and consortia, US opportunity funds, Israeli insurance companies, German funds and UK institutions. For further information please call Julian Nairn on +44 (0)20 7399 5865.  High Street Retail Investment remains most active UK team
43 Eastgate Street, Chester
- The High Street Retail investment team has reinforced their status as the most active in the UK market, acting on behalf of clients on a number of key transactions
- Acting on behalf of PRUPIM the team has acquired a 2,135 sq m retail store in Chester for £7.375 million, reflecting a net initial yield of 5.45%. The transaction was completed within a 5 day timescale
- The two storey building, which is located on 43 Eastgate Street in a 100% prime retailing position, is let on a full repairing and insuring lease to New Look Retailers Ltd at a rent of £425,000 p.a. until June 2021
The High Street Retail investment team has had a particularly busy third quarter, acting on behalf of clients on sales and acquisitions across the UK in what has become a buoyant and fast moving market place. The transaction in Chester demonstrates the team’s ability to act quickly and efficiently, securing the acquisition in a competitive situation, completing all due diligence and simultaneously exchanging and completing within an extremely tight time period. Elsewhere, the team has acted on acquisitions in Solihull, Bury St Edmunds and Brighton, plus a portfolio of properties around the UK, including sales in Worcester, Ipswich, Luton, Ilford, York, Croydon, Covent Garden, Walsall, Oldham and Cheltenham for clients that have included PRUPIM, Legal & General, USS, Hermes and LaSalle. For more information please contact Adrian Peachey on +44 (0)20 7318 7810.  Continued Success for largest shopping centre team in the market
Prince Bishops Shopping Centre, Durham
- On behalf of Blackrock, the Retail Investment team has sold the Prince Bishops Shopping Centre in Durham to clients of RREEF
- The town centre dominant scheme has an impressive tenant base including: Next, Bhs, New Look and Boots. The property was sold for £60m, which reflected a net initial yield of 8.25%
Up until the end of September 2009, the Retail & Leisure Investment team advised on 42% by number and 72% by value of all UK shopping centre transactions in 2009. The team is the largest dedicated shopping centre investment team in the market and draws upon the resource of other capital markets teams and the occupational teams to provide clients with innovative solutions to transacting shopping centre assets and portfolios. For further information please contact David Raven on +44 (0)20 7399 5738 or Richard Brown on +44 (0)20 7318 7818.  Auctions outperforms market expectations
Star & Garter Public House, Putney, London
- On behalf of Scottish and Newcastle enterprises this c.18,300 sq ft period river fronted property, currently let to Glendola Leisure until 2026, sold for £3.4 million against a £3 million guide price
- The sale of the property reflects a 3.25% yield
- The property generates £97,000 p.a. as well as an additional £20,000 profit tie income
Jones Lang LaSalle's autumn auction outperformed market expectations achieving a success rate of 81%. Raising £35 million, the average price achieved across all properties was £1.34 million and reflects an average yield of 6.87%. So far this year the auctions team have sold in excess of £150 million worth of commercial real estate. With the market showing signs of recovery the catalogue for the last Jones Lang LaSalle auction of 2009 on 9th December is one of the best the market will have seen all year. For more information of what's available to invest in, please give Richard Auterac a call on +44 (0)20 7399 5300.  Industrial Investment National team continues gaining market share
Powergate, Park Royal
- Acquisition completed in August 2009 on behalf of ING
- A modern multi let industrial estate comprising 310,451 sq ft
- The estate was multilet to 9 tenants with an average unexpired term of 8.10 years
- The property was purchased for £41.07m, a 7.00% NIY
The national investment industrial team advised on £91.82m over Q3 and has been involved in 38% of transactions in the SE during Q3. The market share achieved by the team reflects an unrivalled knowledge of the active parties in the market and a continued market leading standard of strategic advice and experience. For further information contact David Emburey on +44 (0)20 7399 5375.  Residential Development team agrees highest land sale
BBC, Woodlands, London W12
- The Jones Lang LaSalle Residential team advised the BBC on the sale strategy of their surplus 7.46 acre site in West London, a strategic development site within the "White City Opportunity Area"
- The team undertook a broad marketing campaign to private residential developers and specialist user groups
- Following a competitive tendering process the site was sold unconditionally to Imperial College for £28 million
The residential team not only specialise in the development market but also excel in providing client led solutions with transactional flair for affordable housing, new homes sales and residential investments. Other recent transactions include a redevelopment opportunity for 14 apartments for a Dutch fund and on behalf of the National Policing Improvement Agency the sale of 49 acres (18 developable) for £4.5m. For more information contact Jack Simmons on +44 (0)20 7399 5531. If you would like to discuss your investment property needs please call any of the contacts above or: Julian Stocks
Managing Director
Markets Group
+44 (0)20 7399 5915 |
 Central London Office Seminar 2009
Includes brief videos of a few of the topics covered by the presenters Investment Sales and Acquisitions contacts Services - Auctions and Private Investment
- City Investment
- Investment Advisory
- National Industrial & Logistics
- National Office Investment
- Portfolio Investment
- Residential Investment & Development
- Retail & Leisure Investment
- West End Investment
Find out more about these Investment services. Recent Research Reports The Central London Market Q2 2009
Pushing the Button: Economic Rents in UK Office Development, May 2009 Auctions Our next Auction is on 21 October. Please visit our Auctions pages for more information or contact us on +44 (0)20 7399 5600. |
