Town Centre Securities (TCS) has acquired 68-69 Marylebone High Street in London in an off-market deal for an undisclosed price.
The property comprises two ground and basement retail units let to high-end women’s fashion retailer Ganni and New York–based heritage eyewear brand Moscot.
The upper parts comprise three two-bedroom residential apartments, which are currently held on long leaseholds.
TCS said the acquisition offers clear value-add potential and the opportunity to capture higher rental levels in the immediate future and to further enhance income performance through proactive asset management.
Jacob Ziff, associate investment director at TCS, said: “This acquisition demonstrates our continued confidence in London’s prime retail neighbourhoods and our ability to identify assets with strong fundamentals and opportunities for value creation. Marylebone High Street is one of the city’s best-performing retail destinations with occupancy close to full and strong rental growth. We are excited to play a part in its ongoing success and to unlock the property’s potential for enhanced rental performance in the near term.”
Green & Partners acted for TCS on the acquisition.
