The investment team has acquired the iconic Waterstones flagship store on Piccadilly for £92m on behalf of CBRE Global Investors.
James Cogavin commented on the deal, which reflected a 3.2 per cent yield: “We are delighted to have represented CBRE Global Investors on this high-profile deal which demonstrates Lunson Mitchenall’s growing presence in a highly competitive market.”
The high-profile acquisition has seen Meyer Bergman sell its interest to Cassa Forense’s Cicerone Fund, as advised by CBRE Global Investors, which marks the Italian property fund’s debut in international expansion.
It signifies further success for Lunson Mitchenall’s investment team and expertise in dealing with prominent off market transactions in the Capital, following its purchase of Bond Street House on behalf of Meyer Bergman in 2014.
James continued: “This part of London’s West End is clearly benefiting from the significant investment The Crown Estate is ploughing into repositioning its 4m sq ft estate. As a result of this, we expect rents to continue to rise substantially over the next five years, highlighting the appeal of this prime pitch and reinforcing Waterstones’ dominant position on one of the world’s most famous streets.”
Waterstones, which has committed to a long-term lease until 2034, trades from the lower-ground to fifth floors of the 1930s building. The remainder is used as its headquarter offices.