Disposal of 183 Camden High Street, Camden
November 16, 2020
Coffer Corporate Leisure has completed the freehold disposal of 183 Camden High Street, London – a retail unit in Camden on behalf of a private client.
The property, which totals 3,000 sq ft is entirely let to Telefonica UK Ltd, trading as O2 on a 10-year lease from April 2019 at a passing rent of £180,000 per annum. The purchase price of £3.3m reflects a Net Initial Yield of 5.12%.
Mark Sheehan, Managing Director, Coffer Corporate Leisure, said “The investment market is coming back – we are beginning to complete transactions regularly now, with Q4 activity much stronger than the previous quarters. There is a lack of quality stock available and therefore demand remains strong for good assets on competitive terms. Investors and operators both realise that business will continue to go on even if there is short-term uncertainty. The newly imposed lockdown measures are very different to the initial March lockdown as buyers look beyond the short-term restrictions in favour of long-term value. We believe that 2021 could be a very active year and we are excited that there is a real market again.”
Coffer Corporate Leisure acted for the vendor, a private client. Knight Frank acted for the purchaser, an international investor.