We acquired 95 Wigmore Street in 2006, on the inception of the Great Wigmore Partnership (GWP). This entity represented our joint venture with Aberdeen Asset Management to unlock the significant development value of this West End site.
95 Wigmore Street occupies a site bounded by Wigmore Street to the north, Duke Street to the west, James Street to the east and Picton Place to the south. The redevelopment transformed an entire West End block to create new offices, shops and homes. Completed in 2013 the new scheme, totalling 112,700 sq ft, replaced a mixture of inefficient and unsustainable 1960s and 1970s office buildings.
Drawing from the rhythm and proportion of the district’s original Georgian townhouses as well as the grander Edwardian store buildings nearby, the building incorporates 82,300 sq ft of offices, 17,900 sq ft of retail space in seven units and 12,500 sq ft of residential accommodation.
The property was sold in April 2015 for £222.4 million, reflecting a new benchmark yield of 3.4% and a capital value of £2,209 per sq ft.
West End - North
Location
'Excellent' rated
BREEAM Accreditation
This sale is in line with the strategy to realise profit from mature assets where the business plan has been completed. The relationship with GPE has been an extremely successful one and the high quality of 95 Wigmore Street is a testimony to this.
Nick Ireland
Head of UK Property Segregated Fund Management, Aberdeen Asset Management plc