CB Richard Ellis, acting on behalf of HSBC, has sold a prime banking and office investment in London’s Oxford Street, next to Oxford Circus.

The transaction completed by way of a sale and leaseback to HSBC Bank Plc for a term of 20 years, with a tenant break in the 15th year. The property sold for approximately £18.6m, reflecting a net initial yield of under 4% to private UK Investor.

The prominent corner building is to be refurbished by HSBC in-line with the new HSBC customer focused retail format with customer facilities on ground, first, second and third floors.

Michael Sharron & Co advised the purchaser.