Investment

Landsec Exchanges on £211m Sale of 123 Victoria Street to SevenCapital Subsidiary

123 Victoria Street, London SW1. Source: Landsec

123 Victoria Street, London SW1 — a mixed-use office and retail building comprising 244,963 sq ft, featuring a prominent 170-metre retail frontage.
Exchanged for £211 million (~£861 psf) at a net initial yield of approximately 7.8%, following an initial asking price of £265 million.

Land Securities Group plc (Landsec) has formally exchanged contracts for the disposal of 123 Victoria Street, a prime mixed-use commercial holding in London’s Victoria submarket. The asset has been acquired by SevencitiesLdn, an entity associated with UK real estate investment and development firm SevenCapital, for a total consideration of £211 million. Colliers acted on behalf of Landsec to market and structure the sale of the 244,963 sq ft asset, which was originally brought to market with an asking guidance of £265 million.

The transaction reflects an initial yield profile of approximately 7.8%. Comprising multi-let office space above substantial ground-floor retail units, the property benefits from a continuous 170-metre frontage along Victoria Street. The sale aligns with Landsec’s ongoing strategic capital recycling strategy, disposing of mature office stock to reallocate capital into higher-yielding development schemes and prime retail destinations.

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ING and DBS Provide £1.016bn Development Loan for One Spitalfields Redevelopment

City of London Corporation Clears Major Hurdle as Government Backs City Plan 2040

Jane Street Pre-Lets 465,000 Sq Ft at J.P. Morgan's One Spitalfields Ahead of Major Redevelopment

Mirae Asset Places 20 Old Bailey on Market for £254 Million