A private overseas investor client of Kitchen La Frenais Morgan (KLM) has acquired the long leasehold interest in 17-19 Wigmore Street, W1 from Weldonbrook for £11.3m.
The 12,350 sq ft mixed use property comprises retail, restaurant, offices and residential and is a reversionary investment acquisition, with opportunities for active asset management and rental growth.
It is let to nine tenants including Nani’s and L’Atelier des Chefs at ground floor and basement levels, and produces circa £315,000 a year.
Ian Kitchen of KLM said: “This is a lovely building in the heart of the West End and with a variety of uses and a solid existing income stream. However there is a substantial potential for growth through rent reviews and renewals and the letting up of vacant space.”
Michael Elliott advised the vendor Weldonbrook. The freeholder is the Howard de Walden Estate.
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