Great Portland Estates plc (GPE) has recently acquired King Sloane Properties Limited, the owner of the freehold interests at 16/19 Soho Square, 29/43 Oxford Street, and 7 Falconberg Mews, W1.

This purchase was made from Belgravia & Chelsea Property Services Limited. The transaction was based on a property valuation of £70 million (£772 per sq ft on consented NIA) and may undergo further balance sheet adjustments.

The properties span 57,456 sq ft, and are mixed-use buildings currently leased for approximately £1.48m per annum, with an anticipated vacancy by March 2024. The 0.5-acre site has received planning permission to redevelop the current buildings into c. 90,000 sq ft of new Grade A office and prime retail spaces.

The buildings are strategically situated in the West End's core, at Oxford Street's eastern tip and adjacent to Soho Square, just 100 meters from the new Tottenham Court Road Elizabeth Line station.

GPE has plans to refine the existing plans to enhance the office and retail spaces, aiming to appeal more to potential clients in a market with limited supply. The new development will be a top-class headquarters office building on Soho Square with a prominent retail space on Oxford Street. The building will comprise a basement, lower ground, ground, and eight upper levels, complemented by several private terraces and a shared rooftop terrace.

Alexa Baden-Powell, Senior Investment Manager at GPE commented: "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."