London property investor Great Portland Estates (GPE) has acquired the 57,456sqft mixed-used Soho Square Estate in the West End for redevelopment.
The FTSE-250 listed company has bought King Sloane Properties, which owns the freehold interests at 16/19 Soho Square, 29/43 Oxford Street and 7 Falconberg Mews, W1, from Belgravia & Chelsea Property Services for £70m (€81m).
The buildings, located at the eastern end of Oxford Street and back onto Soho Square are currently multi-let with vacant possession expected by March 2024.
GPE said the site has planning consent to demolish the existing buildings and deliver around 90,000sqft of new Grade A office and prime retail space.
The redevelopment will provide a headquarters office building on Soho Square with flagship retail fronting Oxford Street, arranged over basement, lower ground, ground and eight upper floors, with multiple private terraces and a communal roof terrace, GPE added.
Alexa Baden-Powell, a senior investment manager at GPE, said: “This acquisition represents a fantastic opportunity for us to develop a strategic West End freehold site into a best-in-class headquarters building with excellent sustainability credentials.”
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