GPE sells Mortimer House, 37/41 Mortimer Street, London W1

Published on

Great Portland Estates plc (“GPE”) announces that it has exchanged contracts to sell Mortimer House, 37/41 Mortimer Street (“Mortimer House”) for a price of £26.95 million.

The office property, extending to circa 23,800 sq. ft. net internal area (31,200 sq. ft. gross internal area) is currently vacant, and benefits from consent for a triple B1/A1/A3 use on the ground and basement floors.

The buyer is a new vehicle set up by hotelier Guy Ivesha, in joint venture with Cain Hoy and other private investors, who plan to operate a premium work and lifestyle concept with a strong emphasis on hospitality.

"We had the necessary consents in place to undertake a comprehensive refurbishment of Mortimer House in a supply constrained West End occupational market. However, as a consequence of strong demand for vacant refurbishment opportunities, it made sense to sell Mortimer House now and invest the proceeds for higher returns in our exceptional development programme."
Hugh Morgan
Hugh Morgan
Director of Investment Management