18 November 2015

GPE agrees £105m West End sale

Great Portland Estates has agreed terms to sell its former West End headquarters at 60 Great Portland Street.

 

The property has gone under offer to TH Real Estate for in excess of the asking price of £100m, thought to be closer to £105m.

The building was developed in 2007 by GPE to create 65,415 sq ft of grade A office space.

The offices are let in their entirety by way of eight effective full repairing and insuring leases to advertising firm The Engine Group expiring in January 2028, providing an unexpired term of 12.32 years.

The office space, which has floorplates ranging from 8,060 sq ft to 11,901 sq ft, produces a topped up rent of £3.98m per annum, equating to an average rent of £60.91 per sq ft overall, lower than prime Noho rents which currently stand at £92.50 per sq ft.

The low passing rent presents TH Real Estate with the potential to capture reversion at the January 2018 rent review.

See more at: news.costar.co.uk

AUTHOR
Alan

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