Orchard Street buys £55m mixed-use property for UK wealth manager
Orchard Street Investment Management has bought a mixed-use London property for £55m (€61.8m) on behalf of a UK wealth manager.
The specialist commercial property investment manager said it bought 141 Wardour Street for St James’s Place UK.
In 2012, Orchard Street took on the mandate to manage the St James’s Place UK Life and Pension Property Fund and the St James’s Place Authorised Property Unit Trust – two funds worth more than £800m combined.
The latest acquisition comprises around 34,000sqft of office and retail accommodation across six floors. The building is fully-let to two tenants.
Harry Buxton, the acquisitions manager at Orchard Street, said: “The purchase of 141 Wardour Street makes a great addition to the portfolio on account of its prime Soho location, proximity to Crossrail and underlying reversionary profile.
“We believe Soho’s diverse occupier mix and vibrancy will continue to flourish and reinforces our investment strategy of acquiring well-located assets with strong long-term characteristics.”
The property was previously managed by Roebuck Asset Management, who had advised on its acquisition in 2011 and acted for the vendor in the sale.
Nick Rhodes, a director at Roebuck Asset Management, said: “The asset has performed very well over the past seven years, providing a stable and improving income return.
“Its location continues to be of key importance for both occupiers, who have specifically chosen this asset for long-term occupation.”