■ Emperor Group exchanged contracts to acquire Ampersand, 178 Wardour Street for £260m, reflecting a 2.91% net initial yield and a capital value of £2,896 per sq ft. The property comprises almost 68,000 sq ft of office accommodation single let to King.com until August 2025 at a rent that equates to £77.50 per sq ft overall. The remainder comprises retail accommodation spanning both Wardour and Oxford Street, let to six tenants. Peterson, the vendor, forward funded Ampersand in 2013 with the developer Resolution.
■ Hong Kong / Chinese investment totalled £805m this month over just four transactions with investment volumes from this region already surpassing the five yearly average by 28% (see Graph 1). By our metrics, the purchase of One Kingdom Street reflects the second largest ever transaction by Hong Kong / Chinese equity in the West End.