Great Portland Estates sells wells&more office building in London

(Alliance News) - Great Portland Estates PLC on Monday said it has agreed to sell the 'wells&more' building at 45 Mortimer Street in central London for GBP172 million.

The London-based property developer said the headline price represents a 5.0% net initial yield and GBP1,483 per square foot and is "marginally ahead" of its September 2025 book value and 5% ahead of its March 2025 value. The building was sold to Feldberg Capital on behalf of Fastighets AB Balder, Great Portland Estates said.

The freehold property is on the corner position on Wells Street and Mortimer Street in the Fitzrovia section of west central London. GPE noted that it developed the 116,000-square-foot site in 2009 and substantially refreshed it in 2022.

The building hosts office, retail, and medical spaces across six floors, is multi-let "to a range of customers including Heineken, Airwallex and Brown Forman Beverages", the company said. It generates annual rent of around GBP9.2 million and has a weighted average unexpired lease term of 5.5 years to expiry.

Head of Investment Alexa Baden-Powell said: "With the offices now fully let and our business plans complete, the sale of wells&more further demonstrates our ability to recycle capital at the right point in the cycle, delivering strong investment returns while enabling us to reinvest the proceeds across both our acquisition and development pipelines."

Great Portland Estate shares were up 0.7% to 305.50 pence each on Monday morning in London.

By Martin Miraglia, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2026 Alliance News Ltd. All Rights Reserved.

GPE