GPE has bought two central London properties for a total of £53m.
It has bought the freehold interest of 141 Wardour Street, W1, for £39m – reflecting £1,156 per sq ft – from an unnamed buyer. The 33,717 sq ft building is currently vacant, has been stripped out and has planning consent for a comprehensive refurbishment.
GPE said the consented scheme would provide best-in-class office and restaurant accommodation arranged over lower ground, ground and six upper floors, with private terraces across the 4th to 6th floors and a communal roof terrace.
GPE said that following its “substantial refurbishment”, the building will provide “office space designed to meet evolving customer demands and GPE’s net zero carbon commitments”.
The group has also bought Bramah House at 65/71 Bermondsey Street, SE1, from Canada Life Asset Management (acting on behalf of the LF Canlife UK Property ACS) for £14m – a 5.9% yield and a capital value of £892 per sq ft.
The 15,696 sq ft freehold building is currently multi-let with a WAULT of 3.2 years to expiries. The property is located opposite GPE’s existing ownership at Woolyard.
Alexa Baden-Powell, senior investment manager at GPE, said: “141 Wardour Street is a fantastic opportunity to reposition an attractive Art Deco building in a core West End location into best-in-class fully managed space with excellent sustainability credentials. This acquisition, along with Bramah House in Bermondsey, is in line with our strategy to significantly increase our flex offer over the next few years.’’
JLL advised the purchaser in both transactions.
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