AN Irish investor has splashed out around €123m to acquire a prime building on Regent Street in London. The deal was agreed last week and the building contains three shops and overhead offices.
The shops were previously part of the Liberty department store but were redeveloped by Great Portland Estates (GPE) and its joint-venture partner Liverpool Victoria Friendly Society (LVFS). The stores are now let to Gap, Desigual and Cos (part of H&M).
Sources in London linked a well-known Irish property investor with the building but this could not be confirmed.
The building, No 208-222 Regent Street, was purchased for about €82m in April 2005 by GPE and LVFS who then regeared the head lease with the Crown Estate, which owns nearly every building on the street, for an additional €9m. The upper floors of the building are let almost entirely to MWB, a serviced office provider. The building generates an annual rent of €5.5m (after the ground rent to Crown Estate).
Until now the only significant building owned by Irish investors is the famous Hamleys outlet at 188-196 Regent Street, owned by the Brennan family behind Brennan's bread.