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As it continues to sell off its mature assets, Great Portland Estates (GPE) has sold 55 Wells Street in the West End for £65.46 million, reflecting a net initial yield of 3.99% and a capital value of £1,674 per sq ft.
The prestigious building underwent significant development in 2017 and is comprised of 39,095 sq ft of office space over its upper floors, which are let to Williams Lea and Synova Capital, with Yotam Ottolenghi’s new flagship restaurant ROVI situated on the ground floor and D1 accommodation on the lower ground floor. The total income of the site is £2.8 million a year, inclusive of vendor top-ups — equivalent to £82.80 per sq ft overall — and the weighted unexpired lease term is 10 years.
Apart from the fact they are an overseas investor, no buyer details have been provided.
Chief executive of GPE, Toby Courtauld, says: “The sale of 55 Wells Street crystallises another successful development for GPE, and is consistent with our strategy of recycling capital out of mature assets.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.