Great Portland Estates buys West End freeholds for £70m

(Sharecast News) – Great Portland Estates announced the purchase of King Sloane Properties on Friday, which itself owns the freehold of multiple addresses including 16/19 Soho Square, 29/43 Oxford Street, and 7 Falconberg Mews, W1.
The FTSE 250 company said the significant acquisition from Belgravia & Chelsea Property Services was for a cash consideration based on a property valuation of £70m, equating to around £772 per square foot on a consented net internal area basis.

It said the transaction was also expected to undergo further balance sheet adjustments.

The acquired estate encompassed 57,456 square feet of mixed-use buildings, with multiple tenants and an annual rent income nearing £1.48m.

However, GPE said it expected the properties to be vacant by March next year.

 
 

It said the 0.5-acre site had planning permission allowing for the demolition of existing structures to pave the way for around 90,000 square feet of brand new Grade A office space and prime retail quarters.

“This acquisition represents a fantastic opportunity for us to develop a strategic West End freehold site into a best-in-class headquarters building with excellent sustainability credentials,” said GPE’s senior investment manager, Alexa Baden-Powell.

Reporting by Josh White for Sharecast.com.

Related Articles

Sign up to the Wealth DFM Newsletter

Please enable JavaScript in your browser to complete this form.
Name

Trending Articles

IFA Talk logo

IFA Talk is our flagship podcast, that fits perfectly into your busy life, bringing the latest insight, analysis, news and interviews to you, wherever you are.

IFA Talk Podcast – listen to the latest episode