Irish family splash out €10m on London 'Shirt Street' property

Wednesday December 12 2007

An Irish family has bought a mixed-use property in London's West End for €9.2m.

Situated at 96-97 Jermyn Street, W1 (right), also known as London's 'Shirt Street' because of the menswear shops, the property comprises 664sqm of retail and offices. These are currently generating a rent of more than €372,700 a year -- a net initial yield of 3.85pc.

In addition Declan Stone of Colliers Jackson Stops, who advised the Irish investors, says that it is hoped to boost the yield to 7pc within a few years as the upper floors are upgraded when the current tenants move on. The building is predominantly let to menswear retailer Harvie & Hudson, on a lease expiring in 2024. The remainder is let to office occupiers MB solutions, Sapiance Capital Ltd, Quaglino's Restaurant and Pall Mall Money on short-term leases expiring at various points over the next five years. The vendor was RREEF, the property investment arm of Deutsche Bank.

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