LONDON (dpa-AFX) - Great Portland Estates Plc (GPE.L), a property development and investment company, Monday announced the acquisition of Cypress Dynasty Limited, which owns the freehold interest in One Chapel Place, W1. The acquisition is based on a property valuation of 56 million pounds.
The property is valued at 985 pounds per sq ft with a 4.4% net initial yield. Final payment may be adjusted after completion.
The 34,230 sq ft building is fully rented, generating about 2.5 million pounds annually, with office leases ending in mid-2028.
The building, situated in the central West End near Bond Street tube and Elizabeth Line station, has the potential to expand to approximately 57,000 sq ft.
The Great Portland Estates plans to redevelop it into a high-quality, sustainable HQ by enhancing design, workspace, and amenities to attract future tenants.
Senior Investment Manager Alexa Baden-Powell said, 'Together with the recent purchases of The Courtyard, W1, Whittington House, and 19/23 Wells Street, we have now invested £162 million into West End acquisitions since our rights issue last summer, or £323 million including the capex we intend to invest in the buildings.'
Great Portland Estates is currently trading 0.33% higher at 307 pence on the London Stock Exchange.
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