Great Portland Estates plc has sold 160 Great Portland Street to 139 Westar House Marylebone Limited, part of the Alduwaliya Asset Management group.
The headline sale price of £127.35 million reflects a net initial yield of 4.08% and a capital value of £1,328 per sq ft.
160 Great Portland Street was comprehensively refurbished and pre-let by GPE in 2012. The property comprises 92,133 sq ft of grade A offices over lower ground, ground and six upper floors around a central atrium.
The offices, accounting for 97% of the income, are let to Double Negative Limited, one of the world’s leading visual effects companies for feature film and television, until May 2032. In addition, there is a small restaurant unit arranged over ground and lower ground floors and extending to 3,790 sq ft. The total contracted rent is £5.55 million per annum.
Toby Courtauld Chief Executive at Great Portland Estates commented: "The sale of 160 Great Portland Street is consistent with our approach of recycling capital out of long-dated mature assets where we have created value"