9 Oct 2018 07:00
9 October 2018
Great Portland Estates sells 27/35 Mortimer Street, W1
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.
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.
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".
Contacts:
Great Portland Estates plc
Toby Courtauld Chief Executive 020 7647 3042
Nick Sanderson Finance Director 020 7647 3034
Finsbury
James Murgatroyd 020 7251 3801
Gordon Simpson
For further information on GPE see www.gpe.co.uk or follow us on Twitter at @GPE_plc