Residential Landlord Bruce Ritchie’s Residential Land has bought 59-60 Grosvenor Street, W1, as part of its plans to move into the prime West End commercial sector. The long-leasehold building comprises 24,500 sq ft of offices and four flats. The principal tenant, Barclays Bank, has a lease expiring in 2020 with a break option in 2010. The price reflects a net initial yield of 4.1%. Ritchie, founder and managing director of Residential Land, said: ‘’We have begun divesting some of our residential interests and moving into prime Mayfair commercial. This was a deal that stacked up for us, and we couldn’t resist. It fitted in with our cheque book not suffering as much as other people’s at the moment.’’ Godfrey Vaughan advised Land Securities.
For flats to rent in London visit http://www.residentialland.com
