JPMorgan Asset Management has gone under offer to buy 100 New Oxford Street, an office-led asset in London's West End, for around £140 million or a 5.5% net yield from AEW, the global real estate investment manager, CoStar News can reveal.
Cushman & Wakefield and TT&G Partners have been marketing the building for sale, which comprises 106,404 square feet including 18,507 square feet on the ground floor across six shops and two restaurants, with over 260 feet of street frontage.
The remainder comprises 87,897 square feet of offices over six upper floors. Tenants include Endeavour Marketing and Space Ape.
AEW bought its interest in the property on behalf of a joint venture between two German institutional investors alongside Thor Equities Europe for £180 million in 2017.
Earlier this year JPMorgan bought 291 Oxford Street and 2 Harewood Place, W1, for around £71.35 million, a 5.76% yield in what was the largest single asset acquisition on London's famous shopping thoroughfare in several years.
The 26,121-square-foot was sold by Lai Wing-To and comprises two shops let to McDonald’s and EE, with zone A passing rents of £1,096 and £968 respectively.