INDUSTRY NEWS

Moving out

Invista Real Estate has sold its property at 145-161 Brompton Road for £55 million, Property Week has reported.

The mixed-use block in Knightsbridge is situated next to Harrods and has been bought by Vantage Asset Management (VAM).

Rent for the building is currently £2.2 million. Jeremy Mudie, director of VAM, said: "Although the initial yield is aggressive, this mixed use investment has a number of opportunities over the long term."

The block has 18,300 sq ft of office space and retail units currently let out to Gap, Crabtree & Evelyn, Sunglass Hut and Pinko.

Knightsbridge is one the most exclusive parts of London. It features a mixture of business property, high-end retail space and exclusive residential property, all in close proximity to Hype Park.

Despite several gloomy predictions of a residential property crash, the National Association of Estate Agents (NAEA) told mortgageintroducer.com it expects growth will remain flat in 2008.

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