F and C sells central London building to foreign investor

F and C Commercial Property Trust said it had off-loaded a large Oxford Street property, which is currently the home of Boots.

The firm has sold its long leasehold interest in 385/389 Oxford Street in Central London for £28.1m.

The property is entirely let to Boots UK on a lease expiring in June 2019 at an annual rent of £1.075m.

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The buyer remained anonymous but F&C said the deal "takes advantage of the current strong demand from overseas investors for Central London retail properties".

F&C said the sale price compared to the last external valuation of £23.9m and meanest a net initial yield of 3.62%.

"It provides an opportunity for capital to be deployed into new opportunities to provide a higher income return for the company", the firm said.