GPE offloads West End offices

28/29 Savile Row sold for £16.25m

Article posted: 29 Dec 2011

Great Portland Estates has exchanged contracts to sell the long leasehold interest in 28/29 Savile Row, W1 to a joint venture between Aerium Finance Limited and Allied London LLP. The price of £16.25 million reflects a capital value of £1,017 per sq ft.

The property totals 15,978 sq ft of office space in the heart of the West End of London with some retail accommodation. All the office accommodation is vacant offering a refurbishment opportunity and the retail unit produces a gross rent of £200,000 per annum. The property is held on a long lease from The Pollen Estate, expiring March 2150 at a ground rent of 10% of rents received.

Ben Chambers, Investment Director of GPE commented: “This sale continues our strategy of recycling capital out of smaller properties. Savile Row offers a refurbishment opportunity but following the Group’s acquisitions over the past 12 to 18 months, the team’s focus is better directed towards larger, more impactful schemes.”

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Posted by Sara