International real estate advisor Savills, on behalf of Project Grande (Guernsey) Ltd, is set to launch the final retail unit at One Hyde Park residential development let to the first UK premises of Abu Dhabi Islamic Bank.
Offers are invited for the virtual freehold in the luxury retail store for in excess of £21 million, reflecting a net initial yield of 3.60% rising to a predicted 4.35% and 4.99% with indexed reviews. The property is let for a further 14 years at a rent of £800,000 per annum.
Paul Cockburn, Director of Savills Central London team, says: “We are expecting strong interest in this asset given the excellent covenant, long occupational lease and reviews geared to indexation. These are the exact characteristics investors are looking for now in uncertain economic times.”
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