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.
Great Portland Estates are a FTSE250 Central London property development and investment company owning more than £3.6 billion worth of real estate. Most of their properties are located in the West End with £1,981.5 million worth of assets situated in Fitzrovia, just north of Oxford Street. The company recently announced that it has simultaneously made two deals with Deka – Immobilien Europa, for a total worth of £335 million.
One of their prime assets, 33 Margaret Street, has been sold to the fund Deka – Immobilien Europa for £216.25 million (£2,085 psf.), which reflects a net profit of 3.3%. The building which covers approximately 104,000 sq. ft. is used for various purposes and arranged over nine floors; it provides retail premises on the ground and basement floors, and offices on ground and upper floors. Located in a prominent spot on the corner of Regent Street and Margaret Street, the offices in the building are now let solely to Savills on a 20-year lease at a rent of over £7 million per annum.
In another million-pound deal, Great Portland Estates has in turn acquired 50 Finsbury Square from Deka – Immobilien Europa’s, a property which sold for £119m (£941 psf.). The sale reflected a net profit of 5.32%. The 126,500 sq. ft. building constructed in 2000 is built for mixed uses and arranged over eight floors; retail sites on the ground and office space above. The property is located on the south side of Finsbury Square, close to its junction with Finsbury Pavement. The office space is let to Bloomberg at a rent of £48.24 psf. until June 2020, after which they are expected to leave.
Commenting on Great Portland Estates’ purchase of 50 Finsbury Square, Eugene O’Sullivan, Managing Director at Morgan Pryce, said: “The property will be most likely be greatly improved, now that it’s part of the Great Portland Estates portfolio. With some quality asset management, new tenants and refurbishments, the value of the building will no doubt be dramatically increased.”
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.