M&G asks for offers over £37m for West End estate

M&G Real Estate is looking to sell the Portland & Riding Estate, in Fitzrovia, W1, for offers over £37m. The 0.47-acre mixed-use site is located at 78-92 Great Portland Street & 15-23 Riding House Street. The site is being marketed by Knight Frank and Savills and the asking price reflects a net initial yield of 5.24% and a low capital value of £1,016 per sq ft. The estate comprises 36,410 sq ft of grade-A office, retail and residential accommodation, originally developed by GPE with a total topped-up passing rent of £2,072,505 per annum, equating to an average rent of £56.92 per sq ft. Of the office space, an 18,121 sq ft single-let office has 2.5 years to expiry at a reversionary passing rent of £1.2m per annum. The scheme’s seven retail units total 11,404 sq ft at a topped-up rent of £465,000 per annum. The serviced and private residential accommodation totals 6,885 sq ft at a passing rent of £407,500 per annum. Image from Knight Frank and Savills See which agents are doing the most deals in the West End >>