Commercial Finance Specialists

The specialist commercial property investment manager, Orchard Street Investment Management LLP, has announced a deal for the acquisition of 61-65 Conduit Street, London W1, from Threadneedle Investments.

The £36 million agreed price reflects a net initial yield of 4.7%. The acquisition was made on behalf of St James’s Place property funds.

Located in the heart of London’s West End, between Oxford Circus and Piccadilly Circus, the commercial property is fully let and provides 32,000 sq. ft of office and retail space across six floors.

Chris Bartram, Chairman at Orchard Street, said of the acquisition:

"This is a high quality asset and an excellent addition to the St James’s Place portfolio. The West End office market is one of the few areas with genuine prospects for rental growth and 61-65 Conduit Street is well placed to benefit from this."

This acquisition marks an industrious week for Orchard Street, who only yesterday announced the completion of a deal for the acquisition of a Straiton Park in Edinburgh, also on behalf of St James's Place property funds. The £24.5 million deal, from BA Pension Fund, reflects an initial yield of 6.16%.

The 71,000 sq. ft retail development includes six retail warehouse units and two separate pods, and is situated in a busy location by the Edinburgh City Bypass.

Shares in St. James's Place have risen from 305.7p at the start of the week to 334.5p (9.4%) at  the time of writing, valuing the company at £1.65 billion.