A weekly round up of the latest property news from the central London boroughs
PW reports that Sidra Capital UK has completed the acquisition of Weston House for £97m, at a yield of just over 5%. The Saudi-backed company has bought the fully-let office block, which is home to law firm Mishcon de Reya. Frogmore Real Estate Partners had put the office, at 242-246 High Holborn, on the market through JLL earlier this year having completed its leasing programme at the end of last year.
City of London
EG reports that Norges Bank Investment Management has made an uncharacteristic play outside of its West End stomping ground, placing Hines’ Sixty London, EC1, under offer for just under £325m – a sub-4% yield. The price for the 235,637 sq ft Midtown asset, part-let to online retail giant Amazon, is significantly above the £311m quoting price. Midtown is fast becoming an investment hotspot as it is set to benefit from the arrival of Crossrail at Farringdon Station, from which Sixty London is a 10-minute walk.
City of Westminster
EG reports that Crossrail and HS2 could pump more than £1.4bn of extra retail spending into the West End. Harper Dennis Hobbs claims Crossrail 1 will boost spending by as much as 6.3% once it is fully open in December 2019. Crossrail 2 could bring an additional 4.5% after 2033. This equates to £1.4bn. HS2, potentially opening 2026, could generate a further £33m.
PW reports that Dalata Hotel Group has paid £91m for the long leasehold of a hotel under development in Aldgate, London. The 212-room hotel, branded Clayton Hotel Aldgate London, is expected to be completed and operational by the end of this year.