Business Irish

Thursday 20 June 2019

Irish investor set to sparkle with luxury London sale

High-end retail: De Beers in London’s upmarket Old Bond Street retail area
High-end retail: De Beers in London’s upmarket Old Bond Street retail area
Donal O'Donovan

Donal O'Donovan

Irish investment adviser BCP Asset Management is considering a sale of one of London's pre-eminent retail properties, the De Beers Jewellers building on Old Bond Street, for around £210m (€238m).

The De Beers building, at the corner of Old Bond Street and Piccadilly, is in the heart of London's super high end fashion and luxury retail district.

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Industry publications 'Property Week' and 'Co-Star News' have reported that a sale is being considered, with potential buyers being sounded out.

South Africa's De Beers is the main tenant of 45 Old Bond Street, with a luxury diamond showroom on the ground floor. The area is packed with luxury boutiques, including Gucci and Cartier, Prada, Tods, and Valentino, catering to an international client base in London's wealthiest district.

Dublin-based BCP bought the property in January 2004 for £32.5m (€42.7m) at an initial yield of 5.2pc, and was subsequently able to boost that yield further.

A new owner however is likely to secure a significantly lower yield, given the scale of the increase in the asset price since BCP bought the property.

BCP Asset Management is headed by John Calvert, a former Dublin inter-county footballer, and manages investments for Irish retail and professional investors, as well as credit unions and charities.

The firm manage over €2.8bn in assets and says it has provided investment products or advice to more than 30,000 investors.

It manages a significant property portfolio including prime retail and office space in Dublin and London.

In Dublin that includes Nassau House and the Morrison Chambers on Dublin's Nassau St/Dawson St, and the Fumbally Lane office building in Dublin 8 bought last year for €33.5m.

Irish Independent

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