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Screen capture of 160 Great Portland Street website at www.160gps.co.uk

Screen capture of 160 Great Portland Street website at www.160gps.co.uk

22. May 2013

160 Great Portland Street

Address:
160 Great Portland Street, London W1W 5QA
Type:
Mixed use
Flats:
3
Viewed:
4376

Description of 160 Great Portland Street

160 Great Portland Street is a 85,000sq ft office building with lower ground, ground and six upper floors in Marylebone, London W1.

The building was redeveloped behind the retained façades in the mid 1990's and refurbished in 2012.

There are 3 flats on the 6th floor and secure car parking is provided at lower ground level.

History

2018 - GPE sold the building for headline price of £127.3 million.

May 2012 - the completed 160 Great Portland Street is fully pre-let for £4.8 million p.a. Having accepted a surrender of £30 million from the outgoing tenant in 2011, GPE used the tenant's capital to refurbish this 89,300 sq ft office building to create a highly specified building for Double Negative, one of GPE's existing tenants. The innovative structure of this transaction and the successful pre-let delivered a profit on cost of 42% to the Group.

April 2013- Awarded with British Council for Offices London and South East Award for the best corporate workspace.


Source:

1. 160 Great Portland Street website www.160gps.co.uk May 2013
2. Great Portland Estates 2013 Preliminary announcement of results www.gpe.co.uk

Connected Companies

Lettings:

News: (1)

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"

15/08/2018 22:30 by Buildington

*DISCLAIMER! Information on this page is for guidance only and remains subject to change. Buildington does not sell or let this property. For more information about this property please register your interest on the original website or get in touch with the Connected Companies.

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