INDUSTRY NEWS

Trocadero owner takes two

Trocadero building owner, Asif Aziz, has bought two further buildings near Piccadilly Circus.

The Aziz Family Trust Companies bought One Leicester Square and Coventry House from CLS Holdings for a combined fee of £57.2 million.

It spent £33.7million and £23.5million respectively to secure the purchases, which represented an 8.4 per cent yield to their December 2007 valuations.

The Leicester Square property is currently let to leisure and retail companies and produces an income of £1.7 million per year, while Coventry House is let as residential and commercial property.

The West End is a prime location for commercial property in London. Filled with some of the capital’s most popular shopping and entertainment attractions, it attracts thousands of visitors each year.

However, James Brent, global head of real estate banking at Citigroup, told Reuters the area was still vulnerable to commercial property falls.

"I don’t see any rental growth in the West End at the moment. I see clear indications of rental decline," he commented.

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