Mortimer St sale

RNS Number : 3318D

Great Portland Estates PLC

09 October 2018

 

9 October 2018

Great Portland Estates sells 27/35 Mortimer Street, W1

Great Portland Estates plc ("GPE") announces that it has sold 27/35 Mortimer Street, W1 for £38.5 million to Orchard Street Investment Management on behalf of St James's Place UK PLC.  The sale price of £38.5 million reflects a net initial yield of 3.9% and a capital value of £1,242 per sq ft.

27/35 Mortimer Street is a multi-let office and retail building extending to circa 31,000 sq ft.  The building is fully let and provides a total rental income of £1,602,365 per annum reflecting £57.70 per sq ft on the offices and £36.69 per sq ft on the ground and basement retail, which is let to Sainsbury's Supermarket Limited. 

Commenting on the sale, Hugh Morgan, Director of Investment Management at GPE, said:

 "The sale of 27/35 Mortimer Street is marginally ahead of the March 2018 book value and follows the profitable sale of the adjacent Mortimer House in April 2016".

Contacts:

Great Portland Estates plc

Toby Courtauld                                     Chief Executive                                     020 7647 3042

Nick Sanderson                                     Finance Director                                    020 7647 3034

Finsbury 

James Murgatroyd                                                                                                020 7251 3801

Gordon Simpson

For further information on GPE see www.gpe.co.uk or follow us on Twitter at @GPE_plc

 

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