The Great Wigmore Partnership (“GWP”), the 50/50 Joint Venture between Great Portland Estates plc (“GPE”) and Aberdeen Asset Management (“Aberdeen”), announces that it has sold 95 Wigmore Street for a price of £222.4 million reflecting a net initial yield of 3.4% and a capital value of £2,209 per sq. ft.. UBS Global Asset Management’s real estate business in the UK purchased the property.
95 Wigmore Street is a 98,800 sq. ft. newly constructed office (83% by area) and retail building completed in 2013. The sale also includes an additional building known as 35 James Street (incorporating Browning Court and 2 Picton Place) totalling 1,882 sq. ft.. The office accommodation is multi let at rents ranging from £77.50 per sq. ft. to £92.50 per sq. ft.. The total contracted rental income is £8.1 million per annum and the current weighted unexpired lease term is approximately 10.5 years.