Royal London sells mixed-use Oxford Street property for £63m
Royal London Asset Management has sold a mixed-use property on London’s Oxford Street to a private investor for £63m.
The property, located at 149-151 Oxford Street and 59 Berwick Street, extends to 32,795 sq ft and comprises retail, office, and residential accommodation.
Approximately 19,000 sq ft of the asset is dedicated to retail, which is arranged over basement, ground, and first floors.
The sale aligns with Royal London Asset Management Property’s strategy to focus on super prime, modern, high-quality retail assets, whilst also allowing capital to be redeployed into development and acquisitions.
Moira Hamilton, senior asset manager at Royal London Asset Management Property, said: “This sale provides a clear example of our commitment to actively manage our portfolio in line with our long-term vision and the overall performance of our portfolio.
“The asset has performed well to date, and its sale allows us to reinvest the capital into opportunities that better align with our strategy of owning best-in-class next-generation retail assets with strong office components, in the UK’s most compelling locations.
“As long-term owners of other properties in the area, we look forward to seeing the purchaser’s plans for bringing new footfall to this iconic destination.”
Royal London Asset Management Property was represented by Savills and Colliers, whilst Cushman & Wakefield represented the buyer.