London-based property developer and investor Great Portland Estates has acquired three properties in the UK from Belgravia & Chelsea Property Services for a total £70 mln (€82 mln).
The transaction was carried out through the purchase of King Sloane Properties Limited, which owns the freehold interests at 16/19 Soho Square, 29/43 Oxford Street and 7 Falconberg Mews, W1.
The purchase was financed through GPE's existing undrawn facilities and cash.
The 5,338 m2 mixed-use buildings are located in a 0.5-hectare site with planning approval to be developed into a mixed-use development with 8,361 m2 of Grade A office and prime retail space.
The properties are currently multi-let at around £1.5 mln (€1.7 mln) with vacant possession expected by March 2024.
Alena Baden-Powell, senior investment manager at GPE, commented: ‘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.’
The buildings are located in the heart of the West End at the eastern end of Oxford Street and back onto Soho Square, just 100 metres from the new Tottenham Court Road Elizabeth Line station.
The redevelopment will be arranged over basement, lower ground, ground and eight upper floors, with multiple private terraces and a communal roof terrace.
