Great Portland Estates sells 27/35 Mortimer Street, W1
09 October 2018
Great Portland Estates plc (“GPE”) announces that it has sold 27/35 Mortimer Street, W1 for £38.5 million to Orchard Street Investment Management on behalf of St James’s Place UK PLC. The sale price of £38.5 million reflects a net initial yield of 3.9% and a capital value of £1,242 per sq ft.
27/35 Mortimer Street is a multi-let office and retail building extending to circa 31,000 sq ft. The building is fully let and provides a total rental income of £1,602,365 per annum reflecting £57.70 per sq ft on the offices and £36.69 per sq ft on the ground and basement retail, which is let to Sainsbury’s Supermarket Limited.
Hugh Morgan Director of Investment Management
The sale of 27/35 Mortimer Street is marginally ahead of the March 2018 book value and follows the profitable sale of the adjacent Mortimer House in April 2016.