In London's West End, GPE has sold a prime retail investment at 350/354 Oxford Street, London W1. The unit provides 14,000 sf of retail space on three levels let to Clinton Cards until June 2013 at £1.6 million ($2.5 million) per annum, equivalent to £450 per sf Zone A. The property was sold to an Irish private investor for £25.4 million ($40.6 million), which shows a net initial yield of 5.8%.

In Chelsea, South-West London, GPE has sold the King's Walk Shopping Mall on King's Road, London, SW3 and Ranelagh House, a residential block at the rear of the property. In total, it comprises 47,300 sf of commercial space, 50 flats all sold off on long leases and 69 underground car parking spaces, producing £1.6 million ($2.6 million) per annum. Tenants include Gap, Virgin and Easyinternet Cafe. O&H Properties paid £25.8 million ($41.3 million) representing a net initial yield of 6%.

And in Croydon, south London, GPE has sold Knollys House and Stephenson House, two 1960s office buildings on Cherry Orchard Road close to East Croydon station. Triton Property Fund, managed by UBS Global Asset Management, has paid £23.4 million ($37.4 million) for the 180,000 sf of unrefurbished offices. The building £2.8 million ($4.4 million) per annum showing a net initial yield of 11.25%.

GPE Chief Executive Toby Courtauld said: "The sale of these properties was planned as part of a review of our assets last summer. We have taken advantage of hardening retail yields to sell our Oxford Street and King's Road holdings in to the strong demand from private investors. These assets are mature and we see prime unit retail rents levelling off. The sale of Croydon is part of the orderly rationalisation of assets outside central London bringing the proportion of our portfolio in Central London up to 94%.