Real Estate experts from leading UK law firm Burges Salmon have advised Canadian & Portland Estates Plc on the sale of 103 New Bond Street in London for in excess of £30 million.
Led by partner Ross Polkinghorne, a multi-disciplinary team from Burges Salmon provided Canadian & Portland Estates Plc with Real Estate, Planning, Tax and Construction advice in relation to the sale to an investor from Hong Kong. Burges Salmon worked closely with Canadian & Portland's investment agent, Lawrence Gluckstein, from John Miles and Company.
The property was pre-let to global auctioneer Christie's approximately four years ago, for use as a retail and gallery space in a prime central London location. The Burges Salmon Real Estate team advised on the original development agreement and pre-letting and the sale price produced a record yield of 1.85 per cent.
Canadian & Portland Estates Plc operates as an investor and developer of properties in the commercial, industrial, retail and leisure sectors in London and the south east.
Ross Polkinghorne said: “We were pleased to be able to assist our client with the sale of this property and put the right team in place from the outset to ensure the smooth completion of the transaction. The deal was particularly complex in nature as it comprised an overseas purchaser buying an asset in central London next to the proposed New Bond Street CrossRail Station.”
A spokesman from Canadian & Portland Estates said: 'We are delighted to have completed this transaction. The price paid shows that there is a still an appetite from overseas investors to invest in central London locations and we are pleased that Burges Salmon was able to steer us through the negotiations smoothly and efficiently.'