33 Margaret Street
Sold 2016
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First class office space behind historic façades
Location guide
33 Margaret Street is a 103,700 sq ft office and retail scheme developed behind Grade II listed façades. Delivered in December 2012, we worked closely with Westminster planning and design officers to substantially improve the existing planning consent. The historic context called for a sensitive design, balancing the retention of the listed façades with the requirements of contemporary office accommodation.
Arranged over nine levels the design and massing of the scheme, which sits in the Regent Street Conservation Area, respects the tall, slender and elegant buildings on Regent Street and the height and plot density of neighbouring buildings. Traditional materials such as Portland stone have been used in a modern way on the Margaret Street frontage to unify it with Regent Street.
The offices, totalling 95,617 sq ft, were pre-let to Savills plc for a term of 20 years at a rent of £7.0 million p.a. The sale of the building in January 2016 for £216.3 million was the profitable culmination of six years’ work by our team, which saw the property acquired, consented, built, leased and sold.
West End - North
Location
'Excellent' rated
BREEAM Accreditation
8
Floors
103,700
sq ft
Mark Ridley CEO (UK and Europe), Savills plc33 Margaret Street is a modern, first class building in a great West End location developed to exacting standards by GPE. As our global headquarters, the exceptional building works well for both our staff and clients.
Standout features
100% Pre-letting of the offices
In December 2011, Savills plc pre-let the majority of the office space at 33 Margaret Street, acquiring the remaining 31,700 sq ft of offices in March 2012 to allow for future expansion. On completion of the development in December 2012, Savills took occupation of 95,617 sq ft of offices, on seven separate 20 year leases, paying a total rent of £7.0 million equating to an average rent of circa £73.0 per sq ft.
Integrated team
Our 2009 rights issue enabled our investment management team to take advantage of opportunities in the market when prices were at historical lows. Together with our financial management team, they were able to negotiate and deliver a unique structure to unlock the off-market purchase of a prime development site at 33 Margaret Street, from a distressed overseas investor. The development team improved the planning permission, demolished the existing building and delivered a new Grade A office building, under budget, in December 2012. During the construction phase, our leasing team held discussions with potential occupiers and the 95,617 sq ft of office space was entirely let eight months prior to completion to Savills plc through two transactions.
Innovative sale
In 2016, we sold 33 Margaret Street to Deka-Immobilien for £216.25 million, reflecting a net initial yield of 3.30%, as part of a property swap securing GPE ownership of a next-cycle repositioning opportunity at 50 Finsbury Square. The transaction delivered a profit on cost of 137% and released £97.3 million of cash for re-investment into our development programme.
Helen Hare Head of Project Management, GPEOur teams worked seamlessly to deliver a first class, fully pre-let development both under budget and generating a significant surplus for our shareholders.
Location
Situated just north of Oxford Circus the building occupies a prominent corner site at the junction of Margaret Street and Regent Street. Oxford Circus underground station provides ready access to the north, south, east and west of London.
Transport links
- Oxford Circus 1 minutes’ walk
- Bond Street 6 minutes’ walk
Take a closer look
