Great Portland Estates is planning to sell its fully leased redevelopment of 30 Broadwick Street, W1, for around £190m, a 4% yield.
The REIT has instructed agents at Colliers and CBRE to offload the 94,000 sq ft block, which is let to tenants including Exponent Private Equity and Ivy Soho Brasserie. Rents exceed £100 per sq ft.
The proposed sale would be a boost to the West End investment market, which has been starved of new investment stock in comparison with the City, where there was more than £6bn of investment stock on the market last month.
GPE bought the building as a 70,500 sq ft office block in 2004 from Albert Hay’s Capital & City for £37.73m. Since the Emrys Architects-designed redevelopment, completed a year ago, Colliers and Edward Charles & Partners have been in charge of leasing the building.
GPE has been a net seller as various recent redevelopments have reached conclusion. In February 2016 the company sold Rathbone Square, W1, where the main tenant is Facebook, to Deka for £435m. In November last year it sold 73-89 Oxford Street, W1, to Norges Bank Investment Management for £277m.
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