Great Portland Estates plc sells in Savile Row, W1
21 November 2011
Great Portland Estates plc (“GPE”) announces that it has agreed to pre-let the majority of the office space at its redevelopment of 33 Margaret Street, W1 (formerly Marcol House) to Savills plc (“Savills”), which will relocate from its two existing premises North and South of Berkeley Square.
Great Portland Estates ("GPE") has exchanged contracts to sell the long leasehold interest in 28/29 Savile Row, W1 to a joint venture between Aerium Finance Limited and Allied London LLP. The price of £16.25 million reflects a capital value of £1,017 per sq. ft.
The property totals 15,978 sq. ft. of office and retail accommodation arranged over basement, ground and five upper floors. All the office accommodation is vacant offering a refurbishment opportunity and the retail unit produces a gross rent of £200,000 per annum. The property is held on a long lease from The Pollen Estate, expiring March 2150 at a ground rent of 10% of rents received.
Ben Chambers Investment Director of GPE
This sale continues our strategy of recycling capital out of smaller properties. Savile Row offers a refurbishment opportunity but following the Group's acquisitions over the past 12 to 18 months, the team's focus is better directed towards larger, more impactful schemes.
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