Great Portland Estates Acquires Two Central London Offices

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05 May 2023

Great Portland Estates has bought two Central London office buildings for £53 million.

Bramah House, 65/71 Bermondsey Street, SE1 and  141 Wardour Street, W1 will be added to Great Portland Estates (GPE) growing flex office portfolio which, following the acquisitions of Gresse Street, W1 and St Andrew Street, EC4 in 2022, totals 414,000 sq ft.

141 Wardour Street

141 Wardour Street was purchased for £39 million (£1,156 per sq ft). The 33,717 sq ft building is currently vacant, has been stripped out and benefits from planning consent for a comprehensive refurbishment.

The building is in the heart of Soho, on the corner of Wardour Street and Broadwick Street and within a five-minute walk of the new Tottenham Court Road Elizabeth line station.

The consented scheme will provide best-in-class office and restaurant accommodation arranged over lower ground, ground and six upper floors, with private terraces across the 4th to 6th floors and a communal roof terrace.

Bramah House

Bramah House at 65/71 Bermondsey Street, SE1 was purchased for £14 million from Canada Life Asset Management acting on behalf of the LF Canlife UK Property ACS, reflecting a 5.9 per cent net initial yield and a capital value of £892 per sq ft. The 15,696 sq ft freehold building is currently multi-let with a WAULT of 3.2 years to expiries.

Alexa Baden-Powell, Senior Investment Manager, said: "141 Wardour Street is a fantastic opportunity to reposition an attractive Art Deco building in a core West End location into best-in-class Fully Managed space with excellent sustainability credentials. This acquisition, along with Bramah House in Bermondsey, is in line with our strategy to significantly increase our Flex offer over the next few years.''

Picture: an aerial photograph showing a view of London showing The Thames and Tower Bridge. Image Credit: Unsplash

Article written by Ella Tansley | Published 05 May 2023

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