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Orchard Court on Portman Square in London W1.

Orchard Court on Portman Square in London W1.

12. January 2014
Orchard Court

Orchard Court

12. January 2014
Orchard Court front elevation.

Orchard Court front elevation.

12. January 2014
Orchard Court overlooking Portman Square.

Orchard Court overlooking Portman Square.

July 14, 2013

Orchard Court

Address:
Portman Square, London W1H 6LE
Type:
Mixed use
Completion:
January
Viewed:
1742

Description of Orchard Court

Orchard Court is a 47,762 sq. ft. retail and office building in Marylebone, London W1.

The building is arranged over basement, ground and the first floor of a significant island site comprising the entire eastern side of Portman Square in the heart of the West End.

2013 - Great Portland Estates acquires the building for £37.0 million. In 2013 the net initial yield is 4.6%, average rent £39 per sq ft.

Sources:
- Great Portland Estates www.gpe.co.uk

Connected Companies

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News & Comments: (1)

Buildington
2013/03/11 11:27

Great Portland Estates (“GPE”) has exchanged contracts to acquire Orchard Court, Portman Square, W1, from Rosanna Holdings Limited, for £37.0 million reflecting a net initial yield of 4.64% and a capital value of £775 per sq. ft.

The 47,762 sq. ft. retail and office property is arranged over basement, ground and the first floor of a significant island site comprising the entire eastern side of Portman Square in the heart of the West End. It is let to 14 tenants paying a total rent of £1.81 million per annum (£39 per sq. ft. on average) with a weighted average unexpired lease term of 5 years. There are currently five rent reviews and one lease renewal outstanding which, once settled, will increase the yield to approximately 5%. The property is held on a long lease expiring in 2101 (at a fixed rent of £1,000 per annum).

Together with the purchase of Minerva House, SE1 announced in December 2012, GPE has now invested more than 70% of the proceeds from the £140.6 million share placing
undertaken in November 2012.

Toby Courtauld, GPE Chief Executive said “We are pleased to have acquired Orchard Court which will deliver an accretive day one yield, off low passing rents providing us with a significant growth opportunity in an attractive and improving location. The asset also offers potential synergies with our other significant interests in the area.”

*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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