Great Portland Estates has exchanged contracts to sell Mortimer House at 37/41 Mortimer Street in London for a price of £27 mln (€34 mln).
The buyer is a new vehicle set up by hotelier Guy Ivesha, in joint venture with Cain Hoy and other private investors, who plan to operate a 'premium work and lifestyle concept with a strong emphasis on hospitality', the company said in a statement.
The office property, extending to circa 23,800 sq ft (2,200 m2) net internal area is currently vacant.
'We had the necessary consents in place to undertake a comprehensive refurbishment of Mortimer House in a supply constrained West End occupational market. However, as a consequence of strong demand for vacant refurbishment opportunities, it made sense to sell Mortimer House now and invest the proceeds for higher returns in our exceptional development programme,' commented Hugh Morgan, head of investment management at GPE.
