9 Oct 2018 07:00
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9 October 2018
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Great Portland Estates sells 27/35 Mortimer Street, W1
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Great Portland Estates plc ("GPE") announces that it has sold 27/35 Mortimer Street, W1 for £38.5 million to Orchard Street Investment Management on behalf of St James's Place UK PLC. The sale price of £38.5 million reflects a net initial yield of 3.9% and a capital value of £1,242 per sq ft.
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27/35 Mortimer Street is a multi-let office and retail building extending to circa 31,000 sq ft. The building is fully let and provides a total rental income of £1,602,365 per annum reflecting £57.70 per sq ft on the offices and £36.69 per sq ft on the ground and basement retail, which is let to Sainsbury's Supermarket Limited.
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Commenting on the sale, Hugh Morgan, Director of Investment Management at GPE, said:
 "The sale of 27/35 Mortimer Street is marginally ahead of the March 2018 book value and follows the profitable sale of the adjacent Mortimer House in April 2016".
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Contacts:
Great Portland Estates plc
Toby Courtauld Chief Executive 020 7647 3042
Nick Sanderson Finance Director 020 7647 3034
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FinsburyÂ
James Murgatroyd 020 7251 3801
Gordon Simpson
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For further information on GPE see www.gpe.co.uk or follow us on Twitter at @GPE_plc
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