Cosgraves to sell London prize assets
Published 09/02/2011 | 05:00
TWO prized buildings on London's Oxford Street have been put up for sale for a combined £250m (€295m), as their Irish owners move to cash in.
Boots' flagship store and headquarters -- Sedley Place at 361 Oxford Street -- and Jubilee House, let to retailers River Island, Next and New Look, are to be officially brought to the market next week by CB Richard Ellis. A syndicate of Irish investors is thought to be selling the 145-year leasehold interest in Sedley Place for about £80m (€94m).
The City of London Corporation retains the freehold to the property. It secured the letting deal in 2003 when Boots agreed to rent the store for about £3m (€3.5m) a year. Sedley Place was financed with debt from Anglo Irish Bank.
Cosgrave Property, the Irish group, which has been cashing in on the high prices being paid for Central London retail property, is seeking offers of between £165m-£170m (€195m-€200m) for Jubilee House, which also includes about 20pc office space, let to the auction house Christie's.
The four Cosgrave brothers have been in business together since 1979, first building houses in Dublin. They branched into commercial property, first in Ireland, and by 2007 focused on prestige assets in the UK.