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55 Wells Street development logo

55 Wells Street development logo

24.05.2017

55 Wells Street

Address:
59-65 Wells Street, London W1A 3AE
Type:
Commercial
Completion:
2018
Area:
34,000 sq ft
Offices:
1
Retails:
1
Viewed:
4810

Description of 55 Wells Street

55 Wells Street (formerly Tasman House) is an office building in Fitzrovia, London W1.

Typical floors of 5,140 sq ft (478m2).

Double height reception.

Terraces on first, sixth and shared rooftop terrace.

History

2018 - The development completes replacing a dilapidated 1960s office building with a new six-storey building providing Grade A office accommodation above the ground floor retail and restaurant space.

2015 September 25 - Planning permission granted for: demolition of existing building and replacement with a new building comprising basement, ground and six upper floors (with plant on main roof) for office (Class B1) accommodation at part ground floor and first to sixth floors, use of part ground floor as dual/alternative retail (Class A1) or restaurant use (Class A3) with social and community use (D1) at part basement level. Proposal includes associated external alterations to include plant at roof level (with photovoltaics on top of plant) and terraces at sixth and main roof level.[1]

Sources:
1. Westminster City Council westminster.gov.uk Ref no 15/02731/FULL
2. BuckleyGrayYeoman buckleygrayyeoman.com

Connected Companies

Architect:
Lettings:
Lettings:

News & Comments: (6)

Buildington
2018/10/03 16:09

Great Portland Estates has agreed to sell 55 Wells Street to an overseas investor for a headline sale price of £65.46 million, equating to £64.60 million after deduction of tenants’ incentives and vendor top-ups.

The headline price reflects a net initial yield of 3.99% and a capital value of £1,674 per sq ft. Completion is scheduled for 19 October 2018.

The BREEAM ‘Excellent’ building was developed by GPE in 2017 and comprises 39,095 sq ft of high-quality office accommodation arranged over six upper floors, a ground floor restaurant unit and D1 accommodation at lower ground floor. The property benefits from a large communal roof terrace and two private terraces on the first and sixth floors. The offices are let to Williams Lea Limited and Synova Capital, and the ground floor is home to Yotam Ottolenghi’s new flagship restaurant ROVI. The total income is £2,790,618 per annum inclusive of vendor top-ups, reflecting £82.80 per sq ft overall, and the WAULT is 10 years.

Toby Courtauld, Chief Executive of Great Portland Estates, commented: "The sale of 55 Wells Street crystallises another successful development for GPE, and is consistent with our strategy of recycling capital out of mature assets."

Buildington
2018/04/11 17:36

BuckleyGrayYeoman has completed the redevelopment of 55 Wells Street in Fitzrovia on behalf of Great Portland Estates plc.

Read more from buckleygrayyeoman.com.

Buildington
2018/03/01 12:03

Great Portland Estates plc has let 23,700 sq ft, in two separate lettings, at its new 37,400 sq ft development at 55 Wells Street.

The new tenants will occupy the first and third to sixth floors and will pay a total rent of £2.1 million, at an average of 4% ahead of the September 2017 ERV. Four of the five floors were let on ten year leases (no breaks), the remainder was on a ten year lease with a break at year five.

These transactions leave just 5,100 sq ft of offices remaining on the second floor, alongside 4,200 sq ft of community space in the lower ground floor. The 4,400 sq ft of restaurant space was pre-let to Ottolenghi in 2017.

Read more at gpe.co.uk.

Buildington
2017/11/15 12:33

Great Portland Estates has successfully completed 55 Wells Street delivering 37,300 sq ft of well-specified office and restaurant space in an attractive Fitzrovia location.

The 4,500 sq ft restaurant unit was pre-let to Ottolenghi in June 2017. Early interest in the 32,800 sq ft of Grade A office space is said to be encouraging and is expected to let on a floor-by-floor basis. The ERV of the office space was £2.6 million at 30 September 2017 and the scheme profit on cost was 15.8%.

Via Great Portland Estates plc results for the six months ended 30 September 2017 gpe.co.uk; published 15.11.2017.

Buildington
2017/05/24 10:32

The demolition of the existing 1950s building at 55 Wells Street was completed earlier in 2017 and the main construction contract is progressing well, reports GPE.

The new building will deliver 37,300 sq ft of office and retail space. The 4,500 sq ft of retail space is under offer to a restaurant operator and marketing for the office space
will commence shortly, although it is expected to be let on a floor-by-floor basis after completion, given the size of the
building.

Source: Great Portland Estates plc results for the year to 31 March 2017 24.05.2017 gpe.co.uk.

Buildington
2017/01/26 12:11

The structural works at 65 Wells Street are progressing well and the project is on schedule to complete in October 2017, reports Great Portland Estates.

The scheme will deliver 37,300 sq ft of new office and retail space.

Source: Great Portland Estates Trading Update for the quarter to 31 December 2016 www.gpe.co.uk

*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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