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."
03/10/2018 17:09 by Buildington
BuckleyGrayYeoman has completed the redevelopment of 55 Wells Street in Fitzrovia on behalf of Great Portland Estates plc.
Read more from buckleygrayyeoman.com.
11/04/2018 18:36 by Buildington
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.
01/03/2018 12:03 by Buildington
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.
15/11/2017 12:33 by Buildington
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
Source: Great Portland Estates plc results for the year to 31 March 2017 24.05.2017 gpe.co.uk.
24/05/2017 11:32 by Buildington
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
26/01/2017 12:11 by Buildington