West End Prime Spots Getting Ready For The Market

 More than £400m of some of prime central London’s shops were being readied to be put on the market this week. One prime spot which will be up for sale is Delancey and Shearer Property Group’s former Dickins & Jones department store on Regent Street, W1. The asking price is more than £200m – a circa 5% yield. The 275,000 sq ft, Grade II-listed building is now almost completely let, with Banana Republic, Armani Exchange and H&M filling its ground-floor shops. Hedge fund Och Ziff and headhunter Heidrick & Struggles is occupying much of the 90,000 sq ft of office space. It is believed that the property will attract a lot of interest because of the strong tenant occupancy but on the other hand, the short head lease of 99 years (commenced on April 1939), may deter some investors. CB Richard Ellis have been instructed by private Irish investor Cosgrave to sell 197 -213 and 215- 219 Oxford Street and 11 Hills Place, W1, for £210m – a 4.75% yield. Tenants include fashion chains such as River Island, Zara, Next and New Look.