The freehold interest in 55 Conduit Street, W1, has been sold by Artesian to a private investor at a yield of below 3%.
The property comprises five apartments on the upper floors with a ground floor prime retail unit let to fashion brand Vanessa G, on a 10-year lease from 2014.
Total annual income from the investment is £162,500 and the purchase price was in excess of £5m. Levy Real Estate advised on the sale; Strutt & Parker acted for the purchaser.
Levy Partner Henry Leighton said: “Artesian bought the building in 2012 and carried out a comprehensive refurbishment which included the addition of a further floor.
“The level of interest in the freehold is indicative of the strengthening of Conduit Street as a retail location and also the quality of the residential that has been created.”
Conduit Street is benefiting from being the only direct link between the shopping pitches of Regent Street and Bond Street. Top zone A rents on the street have risen to above £550 per sq ft.
