Foyle family to sell leasehold to Charing Cross Road

Foyle family to sell leasehold to Charing Cross Road

The Foyle family investment arm Noved Investment Holdings is selling the leasehold to the building where Foyles flagship Charing Cross Road store is currently located, along with nine other properties on the street, for an estimated £62.5 million.

Foyles has already announced it is due to move its Charing Cross Road store to the adjacent building, formerly occupied by Central St Martins College of Art and Design, by early 2014.

According to the Times, Noved Investment Holdings is being instructed by two property advisors, H2SO and DE & J Levy, to market the Foyles leaseholds for the property portfolio.

The sale will have no impact on the trading operations of the Foyles bookshops. However, the portfolio is expected to attract attention from overseas investors “looking for prime London properties” according to the newspaper.

Foyles said the branch’s move to a different Charing Cross Road home is not affected.

A spokeswoman said: “Irrespective of any options that may be explored by Noved, Foyles will be moving to a purpose-built bookshop in the adjacent former Central St Martins building in late 2013 or early 2014 and are now actively involved in planning the design of the new bookshop.”