Derwent London has sold Jaeger's London headquarters to Soho landlord Shaftesbury for £30.75 million.
The acquisition of the tired Jaeger House at 57 Broadwick Street, which has been the firm’s HQ since 1970, opens up redevelopment opportunities for Shaftesbury when the retailer’s lease expires next year. The building is just a few minutes walk from the Dean Street entrance to Tottenham Court Road’s new Crossrail station.
The deal comes hard on the heels of the agreement to buy the Newport Sandringham block in Chinatown earlier this month, and means that Shaftesbury has now spent more than half of the £157 million it raised from investors in a recent placing. It takes the value of the landlord’s holdings in Carnaby and Soho to £860 million.
Demand for property in the capital is so high that the building changed hands for £7 million more than the original asking price. Derwent said the sale fitted its “strategy of making opportunistic sales into a competitive investment market”.