London-based commercial property company Great Portland Estates (GPE) has further solidified its presence in the central London borough of Fitzrovia with the acquisition of 19/23 Wells Street, W1, from British Land.
The £19 mln (€22.8 mln) deal brings a 1,782 m2 building, consisting of a basement, ground, and five upper floors, into GPE's portfolio. It will be redeveloped into a high-quality, fully managed workspace.
Originally built in 1929 as a creative hub for wallpaper and fabric design company Sanderson, 19 Wells Street has evolved into a contemporary workspace. After a stint as Columbia Pictures' headquarters, TateHindle architects and Universal Design Studio restored the building, which boasts Art Deco features, abundant natural light, and a rooftop terrace with panoramic views.
The Grade II listed asset is within walking distance of several of GPE's existing holdings in Fitzrovia, including Wells&more, Elsley House, Kent House, and 7/15 Gresse Street.
James Harrop-Griffiths, investment manager, said: ‘We are excited to announce our acquisition of 19/23 Wells Street. This is our second Fully Managed deal within the West End during the last six months. The building offers an excellent opportunity for us to enhance our cluster of properties in this vibrant area, enabling us to deliver a diverse range of workspaces for our customers, all accompanied by exceptional levels of customer service.’
The property is close to 5 underground stations and is a short walk to the Elizabeth Line at Tottenham Court Road.
