Great Portland Estates Acquires Soho Square Estate

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• Great Portland Estates Acquires Soho Square Estate

23 August 2023

Great Portland Estates plc has announced the acquisition of King Sloane Properties Limited, which owns the freehold interests at 16/19 Soho Square.

The estate also includes 29/43 Oxford Street and 7 Falconberg Mews, W1, from Belgravia & Chelsea Property Services Limited. The buildings are located at the eastern end of Oxford Street and back onto Soho Square, just 100 metres from the new Tottenham Court Road Elizabeth Line station.

The cash consideration is based on a total property value of £70 million.

The 57,456 sq ft mixed-use buildings are currently multi-let at around £1.48 million per annum with vacant possession expected by March 2024.The 0.5 acre site benefits from planning consent to demolish the existing buildings and deliver around 90,000 sq ft of new Grade A office and prime retail space.

Alexa Baden-Powell, Senior Investment Manager at GPE said: “This acquisition represents a fantastic opportunity for us to develop a strategic West End freehold site into a best-in-class headquarters building with excellent sustainability credentials.”

Picture: a CGI showing the proposed new exterior of one of the Soho Square Estate properties. Image Credit: GPE

Article written by Ella Tansley | Published 23 August 2023

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