London-based property developer and investor Great Portland Estates has acquired two properties in London for a total of £53 mln (€60.6 mln).
The company acquired the freehold interest for the building at 141 Wardour Street in the Soho area of the London West End for £39 mln (€44.6 mln).
The 3,132 m2 building is currently vacant, has been stripped out and benefits from planning consent for a comprehensive refurbishment.
The consented scheme will provide best-in-class office and restaurant accommodation arranged over lower ground, ground and six upper floors, with private terraces across the 4th to 6th floors and a communal roof terrace.
Following its substantial refurbishment, the building will provide outstanding Fully Managed office space designed to meet evolving customer demands and GPE's net zero carbon commitments.
The property is within walking distance of the new Tottenham Court Road Elizabeth line station.
In a separate transaction, Great Portland Estates acquired Bramah House, 65/71 Bermondsey Street, south London for £14 mln (€16 mln) from Canada Life Asset Management on behalf of the LF Canlife UK Property ACS, reflecting a 5.9% net initial yield.
The 1,458 m2 freehold building is currently multi-let with a weighted average unexpired lease term of 3.2 years.
Bramah House will join its neighbour, Woolyard, creating an GPE Fully Managed campus on Bermondsey Street.
Great Portland Estates expects the buildings to add to its growing 'Flex' office portfolio which, after the acquisitions of Gresse Street, W1 and St Andrew Street, EC4 last year, totals 38,462 m2.
Senior investment manager Alexa Baden-Powell said: ‘141 Wardour Street is a fantastic opportunity to reposition an attractive Art Deco building in a core West End location into best-in-class fully managed space with excellent sustainability credentials. This acquisition, along with Bramah House in Bermondsey, is in line with our strategy to significantly increase our Flex offer over the next few years.’
