Great Portland Estates buys West End freeholds for £70m

by | Aug 18, 2023

(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

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!