David Sullivan, the Welsh businessman, publisher and co-owner of West Ham United, has relaunched Russell & Bromley’s flagship shop next to Bond Street underground station for sale.
CBRE has this week recirculated the sale of 395-397 Oxford Street, which is owned by Sullivan’s investment vehicle Conegate. The store last came to market in 2020 with a guide price of around £50 million attached, but was withdrawn during the pandemic.
It is held on a long leasehold and is 100% let to the shoemaker until 2038.
CBRE declined to comment.
From 1986 to 2007, he owned the Daily Sport and Sunday Sport which he sold for £40 million. Sullivan owns 51% of West Ham United football club as well as a large property empire focused principally on regain and stakes in media companies. According to The Sunday Times Rich List in 2019, Sullivan is worth £1.2 billion.
Savills says there has been a "very typical" muted start to 2024 for West End investment.
It says just four transactions took place in January, with a combined volume of approximately £160.5 million.
Savills writes: "The majority of January’s transactions were marketed in Q4 last year, as buyers continue to pursue well-located assets with strong existing and future leasing prospects. These simple criteria define almost all current UK requirements."
It adds that the number of deals agreed have also been scarce. It is monitoring £841.3 million under offer across 27 transactions.
Savills reporsts the largest transaction in January was Vogue House. Global Holdings purchased the long leasehold interest for £73 million, reflecting £1,163 per square feet.
Another transaction was Shaftesbury Capital’s sale of Tower House, 8–14 Southampton Street to Danish investment firm Habro, as first revealed by CoStar News.
Savills reports that Bywater bought the freehold interest in 34–36 Foubert’s Place for £22 million, reflecting 4.63%.