We do not envisage this to continue as we approach autumn with an increase of stock anticipated to be launched to the open and ‘grey’ markets with equal buying appetite to match. The West End team will be building on their recent success with an extremely strong sales book for autumn totalling over half a billion pounds.

^{Source: Savills Research}

■ On behalf of a European Fund, Savills acquired the long leasehold interest in Schomberg House, 80 Pall Mall for £58.25m, reflecting a 4.28% net initial yield and a capital value of £1,563 per sq ft. The Grade II* Listed building totals 37,279 sq ft of office accommodation and is single let to Permira Advisers until June 2024 at a rent equating to £77.88 per sq ft overall.

■ On behalf of Triangle Group, Savills has sold 36 Dover Street to a private Investor for around £42m reflecting a capital value of nearly £3,000 per sq ft. The freehold property was redeveloped in 2014 behind an attractive period façade and provides 14,648 sq ft of accommodation arranged over seven floors. The lower floors comprise a flagship retail store leased to Victoria Beckham for a remaining term of 7.2 years on a RPI-linked rent, while the upper floors comprise fully let Grade A office accommodation leased off an average office rent of £90.32 per sq ft. The fifth floor forms a high-end residential apartment on an AST.

■ In the largest deal of the month, Tishman Speyer has sold 100 New Oxford Street to AEW and Thor Equities for £180m, reflecting a 3.63% net initial yield and a capital value of £1,677 per sq ft. The property comprises 107,362 sq ft of multi-let office and retail accommodation. The property is let to six office and eight retail tenants at a total passing rent of £6,963,990 per annum and provides a WAULT of circa seven years.

■ The IPD average net initial yield moved out 1 bps to 3.42% over the month whilst the average equivalent yield moved in 1bps to 4.70% (see Graph 2). Savills prime yield remains at 3.25%.

^{Source: Savills Research, IPD}