The YMCA has sold its central London headquarters to private investor Asif Aziz.
The Christian charity, advised by Montagu Evans, has sold the Central YMCA at 112 Great Russell Street, WC1, to a new subsidiary of Aziz’s Golfrate for around £25m. New business Criterion Capital has been set up to manage the property.
Aziz said the 65,000 sq ft property, which currently produces an annual rent of just £953,000, was a “great asset” for the new business as it had a number of development opportunities, including taking over the hotel, which is held on a 999-year lease by Malaysian investor Robert Tan, and the full-scale redevelopment of the entire site in conjunction with the owners of the adjacent Dominion Theatre.
Criterion is now actively looking for further opportunities and is targeting multilet properties with values of between £25m and £50m. Golfrate will continue to buy larger assets.
