Great Portland sells London W1 asset to Royal London for £250m

UK property investor Great Portland Estates has sold the 1 Newman Street office and retail property in London to Royal London Asset Management Property for £250m (€287m).

Great Portland Estates said the sale of the fully-let, multi-let 121,300sqft W1 asset on the northern side of Oxford Street reflected a net initial yield of 4.48%.

This price was marginally ahead of the property’s March 2025 book value, it added.

Redeveloped by Great Portland Estates in 2021, 1 Newman Street comprises office and flagship retail space across basement, lower ground, ground, and seven upper floors.

The prime central London deal represents a significant expansion of Royal London Asset Management Property’s London portfolio. The firm’s s existing holdings include the upcoming Hogan Lovells headquarters at Holborn Viaduct, Atlantic House and a renovation of 151 Shaftesbury Avenue.

Will Edwards, portfolio fund manager at Royal London Asset Management Property, said: “The acquisition of 1 Newman Street reflects our continued conviction in the strength of Central London’s prime office and retail market.

“This asset perfectly complements our strategy of investing at scale in highly accessible, high amenity, best-in-class buildings with exceptional sustainability credentials, that offer long-term growth potential and enduring value for our clients.”

Keith Miller, head of offices and central London at Royal London Asset Management Property, said: “Our office investment strategy recognises the growing demand for high-quality, sustainable workspaces, while delivering long-term returns.

“As a well-connected, best-in-class asset of scale in Central London, 1 Newman Street will be a strong addition to our portfolio, reinforcing our approach and ensuring long-lasting value for our investors.”