Buccleuch acquires mixed-use Soho property for £14m
Buccleuch Property has acquired a mixed-use property in London’s Soho neighbourhood from Landsec for £14m.
The property, located at 116-126 Wardour Street, spans 12,440 sq ft across six buildings and comprises retail, restaurant, residential, office, and public house accommodation.
In addition, there is a further 5,226 sq ft of residential sold off on a 125-year lease on a peppercorn rent.
The restaurant, retail, and public house fronting Wardour Street comprise 73% of the property’s income, and benefit from weighted average unexpired lease term (WAULT) of 18 years to expiry. WAULT across the entire commercial element is 16.4 years to expiry.
The purchase price of £14m – which reflects an initial yield of 5.1% – was below the original asking price of £16m.
Philip Eves, investment director at Buccleuch Property, said: “We are thrilled to add this prime Soho asset to our portfolio. The property’s location in the heart of one of London’s most vibrant districts, coupled with its potential for asset management, aligns perfectly with our investment strategy. A key consideration in our buying process is seeking buildings with proven tenant appeal and strong reletting potential. This property absolutely meets these criteria, and we look forward to enhancing the property over the coming years.”
Levy Real Estate represented Buccleuch Property, Allsop acted for Landsec.