Our Knowledge Centre combines a unique set of useful tools to assist ALL office movers. Use our moving guides, office space calculator, dynamic rental map and other tools to get an idea of what type of office your company needs. We’ll make sure you get there.
Register for FREE now and get full access.
GPE (Great Portland Estates) is a large British property development and investment company. The majority of their sizable assets – which totaled £2.3 billion last year – are office and retail buildings based in London. GPE have been constructing a mixed office and retail use development at 73-89 Oxford Street and 1 Dean Street, which has just been sold to Norges Bank Real Estate Management for a huge £276.5 million, reflecting a yield of 3.2%.
The development is expected to complete by the end of Q2 2017 and is pre-let to New Look, Benetton and the Money Supermarket Group for an average lease length of 17 years, which will produce a collective rent roll of £9.74 million. Norges will pay GPE in stages until completion, taking into account a deduction due to interest on their £205.2 million initial payment at a rate of 3.2% a year, also allowing rent-free periods for tenants.
Image: Google Maps
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.