GCW secures sale of prime Fitzrovia asset

GCW has advised on the sale of 38-40 Eastcastle Street. The two retail units have sold to an international private investor for £4.4 million with an NIY of 5.65%.

The 5,418 sq ft prime asset is a two minute walk from Oxford Circus station and is currently occupied by ITSU and Costa Coffee. GCW surpassed its client’s expectations by sealing a deal above the asking price of £4.24 million.

The asset brings in a rebased net income of £264,998 pa and its two separate long leaseholds run from January 2012 at £1 pa.

he well configured Eastcastle Street units are an attractive investment proposition. Set in the heart of Fitzrovia, they are ideally situated close to Europe’s busiest high street which attracts over 100 million visitors a year. They are in the midst of a busy grab & go coffee and food cluster including the likes of Honest Burger, Tortilla, Ole & Steen and EL&N.

GCW Senior Surveyor Ben Legard commented: “This is a great deal for our client. Our expertise has helped secure a disposal at a keen yield above the asking price. GCW’s holistic thinking and occupier knowledge creates a compelling narrative for investment sales and we continue to drive value for all our clients.”