London Irish sell up their holdings


Cosgrave Property Group is definitely not resting on its laurels following the sale of its buildings on Oxford Street in London.

Joe, Peter, Michael, Willie and Helen Cosgrave have also sold on about a quarter of their Caxtongate retail and office complex in Birmingham for £16m (€18.23m), according to reports in Britain, five years after they bought the entire complex for about £78.8m. Tenants include retailers Ted Baker, TM Lewin, Jigsaw and Muji.

The sale price reflects a yield of more than 6.5 per cent, which is about standard for the area. The buyer was a retained client of LaSalle Investment Management, attracted by the new £100m John Lewis store being constructed in the area, which should boost footfall, as should the redevelopment of the nearby train station.

Around The Blockalso hears that Derek Quinlan’s Citigroup tower in London’s docklands has attracted interest from a number of parties, including Citigroup itself.