UKInvestments: Lisney has a new 'Irish desk' in the offices of a London associate to meet Irish investors' continued appetite for property investment in the UK.
Irish investors have been busy on the UK property market via Lisney's new "Irish desk" in the offices of the company's associate firm, Cushman &Wakefield Healey & Baker.
London has been a particular target with acquisitions on Victoria Street and New Bond Street.
The company set up an association with the UK firm as a way to channel activity and provide a greater on-the-ground presence.
"We are delighted that we have been able to harness the enormous appetite among Irish investors for property investment in the UK," said Mr William Fennelly, investment director with Lisney.
New growth centres were emerging across Britain and economic confidence was returning, in particular to the south-east, Mr Fennelly stated.
He expressed confidence that the Irish desk in London would be able to source more investment properties for Irish clients with an eye on the UK property scene.
Recent sales by the company include 55 Victoria Street in central London, acquired on behalf of a private investor.
The property is let to blue chip client, Nat West Bank, for 99 years from December 1986 and to the Strategic Rail Authority for 25 years from June 1987.
A price of £30 million (€42.9 million) was paid reflecting a yield of 7.25 per cent when reviewed in the near future.
Also in central London is 39/42 New Bond Street, acquired for a Dublin-based investor in a deal worth more than £33 million (€47.2 million).
The multi-let building has the majority of its income secured from the retail tenant, Mulberry, which is in occupation until 2020.
The deal comes on the back of continued investor demand for the street from private Irish investors, according to Lisney.
Away from London, Lisney secured a 4,500 sq m (48,437sqft) building at Cumberland Place, Nottingham, on behalf of Irish Life Investment Managers which it let on a new 20-year lease.
A price in excess of £10 million (€14.3 million) was paid for the newly constructed building reflecting an initial yield of 7 per cent.
