22 September 2015

Trophy Office on Great Portland Street for sale at £100M

Great Portland Estates has put its former Noho HQ up for sale for £100m in what will be the first time the trophy office property has ever traded according to CoStar News.

 

GPE has instructed Knight Frank to sell 60 Great Portland Street for a net initial yield of 4%, reflecting a capital value of £1,257 per sq ft.

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.

A further four multi-let retail units units total 14,137 sq ft arranged over ground and basement floors and 19 residential apartments sold off on long leases. Including the retail, the total annual passing rent of the property is £4.23m

Read more here 

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