The Great Wigmore Partnership ("GWP"), a 50:50 joint venture between Great Portland Estates plc ("GPE") and Scottish Widows Investment Partnership, announces that it has pre-let 40,000 sq. ft. to Lane Clark and Peacock LLP (“LCP”) in its development at 95 Wigmore Street, London W1.
In April 2015, we sold 95 Wigmore Street for £222.4 million reflecting a net initial yield of 3.4% and a capital value of £2,209 per sq. ft. The sale price set a new benchmark low yield for this part of the West End and crystallised a profit on cost since commitment to the development of 105%.
Following the acquisition of 95 Wigmore Street in 2006, we originally planned to redevelop the site in 2009 but as the financial crisis took hold in early 2008, we postponed our plans and quickly relet the space on short flexible leases to preserve income.
As the market started to recover in 2011, we commenced construction securing our first pre-let in November 2012 of the first to third floors to Lane Clark & Peacock LLP, a leading firm of financial, actuarial and business consultants. Five months later, we pre-let the fifth to seventh floors to Bridgepoint, a leading private equity firm and then let the fourth and last floor, within six weeks of completion, to Pyrford International.
The property achieved a BREEAM Excellent and an EPC rating of B. Solar tube louvres were installed at roof level, providing the dual function of screening the mechanical services plant whilst also providing hot water generation to the building’s toilet and shower facilities.
82 cycle spaces, with a high quality shower and locker provision, were provided in excess of BREEAM and BCO requirements at the time, providing flexibility and future proofing the development for this emerging occupier need for cycling and showering facilities.
Toby Courtauld Chief Executive, Great Portland Estates
The sale of 95 Wigmore Street is the culmination of an exceptional development project for GWP, with the office accommodation fully let only six weeks after practical completion. The sale continues our strategy of recycling capital out of assets where we have created significant value and back into our portfolio of central London development and refurbishment projects, timed to coincide with a shortage of new Grade A space to let.
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