L&G acquires Tottenham Court Road retail and leisure block
Legal & General Asset Management has acquired a retail and leisure block on London’s Tottenham Court Road from Landsec.
The asset, located at 6-17 Tottenham Court Road, comprises 62,139 sq ft of retail and restaurant accommodation let to seven tenants. With a weighted average unexpired lease term of 1.2 years to expiry, the property produces an annual passing rent of £3,572,528, reflecting £57.24 per sq ft.
The building is located a short walk from Derwent London’s major redevelopment above Tottenham Court Road station, One Oxford Street.
Although the sale price was not disclosed, the asset has reportedly changed hands for approximately £51.5m.
The sale reflects Landsec’s strategy to sell around £4bn of mature assets, including offices and assets in non-core sectors, as it looks to reinvest in residential and large shopping centres.
Savills advised L&G, whilst CBRE advised Landsec.