Description of Walmar House
Walmar House is a commercial building on Regent Street, London W1.
In October 2014, GPE completed the 60,100 sq ft mixed-use comprehensive refurbishment of Walmar House. Shortly after completion, GPE let the entire office accommodation (37,700 sq ft) on a 15 year lease (no breaks) to Richemont, the luxury goods retailer, paying £2.6 million p.a. GPE have also let four of the five retail units (11,100 sq ft) for £1.1 million per annum. Despite the scheme completing eight months later than planned, it delivered a profit on cost of 53.8% and an ungeared IRR of 25.8%.