West Ham co-owner David Sullivan looking to sell prime Oxford Street buildingComments Off on West Ham co-owner David Sullivan looking to sell prime Oxford Street building
Conegate – the investment vehicle of publisher Sullivan – is seeking more than £55 million for Russell & Bromley’s flagship shop close to Bond Street underground station.
Property agent Cushman & Wakefield has been hired to sell the 5,053 square feet store, according to CoStar News.
According to the Sunday Times’s latest Rich List, Sullivan is Britain’s 128th richest man, with assets valued at £850m.
His Oxford Street property currently brings in rent of £1,325,000 per annum.
The whole building is held on a long leasehold from the Grosvenor Estate for a term of 150 years from 24 June 2006 (141 years unexpired) and the next rent review is in 2018 which coincides with the date Crossrail is scheduled to become operational.
Landlords near Crossrail stations are banking on big rental hikes as footfall and the public realm improves further.