Land Securities buys 02 Centre for £126m
Published: 12 April, 2010
Land Securities has completed the off market purchase of The O2 Centre, Finchley Road, London NW3 from the Matterhorn Palos Partnership, for £125.9m representing a yield of 6 per cent.
The 10.5-acre site occupies a prime position above Finchley Road underground station in North London, serving an affluent London catchment and benefiting from excellent transport links.
The 300,000-sq ft centre is anchored by a Sainsbury’s foodstore and has a significant leisure component with an eight-screen Vue cinema and extensive restaurant offer. The scheme also includes a standalone Homebase unit of 43,000 sq ft with open A1 (non food) planning consent set at the far end of a 518-space car park.
Richard Akers, managing director of Land Securities’ retail portfolio said: “This is an excellent opportunity for Land Securities to expand its retail portfolio. We have been clear that we would look for assets which offered a strong catchment and the opportunity for us to apply our expertise to drive growth.
“London has proved a resilient retail market and the excellent location and opportunities offered by the centre, including its potential for immediate asset management activity and longer term development plans, make it an attractive significant opportunity for the group.”
