Heart of Swinging '60s up for grabs
Hong Kong investors have been offered a rare buying opportunity in London's West End.
Dutch property group Wereldhave is seeking a buyer for its freehold Carnaby Estate.
Commercial real estate agent Healey & Baker is combing the European market, while Asian partner Marlin Land is working with buyers in the territory and Singapore.
Marlin Land director Neil Jones said Carnaby Estate would be sold as a package for more than GBP70 million (about HK$840 million).
'One of the most important points is that in this part of Central London it is extremely rare to purchase freehold property. Most of it is leasehold,' he said.
The estate covers more than one hectare of land in the West End of London between Oxford Street and Regent Street. The world-famous Carnaby Street forms part of the estate.
The estate's floor area totals 250,000 square feet of retail, office, studio, residential and leisure accommodation in 93 buildings. The current total annual income for the estate is about GBP5.8 million.
'It is just the type of real estate investment which could be of interest to buyers in this part of the world,' Mr Jones said.
Most famous for playing host to Swinging London in the 1960s, Carnaby Street and the Carnaby Estate evolved into a retail and studio location in the 1950s.
Since the first male boutique opened in Carnaby Street in 1957, the area quickly became London's leading fashion shopping centre. Between 1964 and 1967, most of the shops became boutiques, like Lord John, Gear and Mates, which, initially, catered for Mods.
However, psychedelia hit London around 1966 and Time magazine invented 'Swinging London' with Carnaby Street at its heart.
Mr Jones said between 1983 and 1996 retail rents increased from GBP35 to in excess of GBP130 per sq ft.
'Office rents have improved even more spectacularly, from GBP3 per sq ft in 1983 to GBP23 per sq ft today.' An adjunct to Carnaby Street, Newburgh Street, Fouberts Pl, Ganton Street and Kingly Street are important retail areas. The area features John Richmond, Mark Powell, The Great Frog, the original Shelly's Shoes, Underground Shoes, Heavy Metal, Mods and Yesterday's Bread.
Offices in the area are the heart of Britain's film, TV and media industries. There are a number of Oscar winners within this small area.
The most recent winner is Jon Blair from Newburgh Street who received the best documentary award last year.
In addition, the head offices of national magazines, Sony Music, advertising agencies such as Bartle Bootle Hegarty and M & C Saatchi are all in the vicinity.
The Carnaby Estate and Carnaby Street are named after Karnaby House, a residence built by Richard Tyler in 1683, on what is now the east side of Carnaby Street.
