Prudential has added to its holdings on New Bond Street, London W1 with the purchase of two retail/office buildings at 65/66 New Bond Street from Electricity Supply Nominees.
The properties comprise a ground and basement retail unit let to Warners (UK), trading as Calvin Klein Underwear, and a ground/basement/first floor unit let to Robina, trading as Escada, with offices above bringing the total floor area to 715 sq m.
The purchase price was understood to be more than£8.5 million. Some of the leases fall in later this year and next year, and on settlement of an outstanding review, the initial yield will be about 5.25 per cent.
Prudential investment director Graeme Canning said: 'The rationale behind the acquisition was to consolidate freehold ownerships.' The Noble Harris Partnership acted on behalf of Prudential and Wilson McHardy advised the vendor.