Great Portland Estates and Capital & Counties Properties (Capco) have announced the Â£105m sale of Park Crescent West, a London office, commercial and residential mix-use development.
As the two members of The Great Capital Partnership, the central London-based property investment and development firm and its partner, also central London-based, have agreed to sell the property to PCW Property Holding Limited.
Spread across a number of properties including 77/83 Portland Place, 16 Park Crescent, 18/25 Park Crescent, 22 Park Crescent and 26 Park Crescent and located near Regent’s Park, the crescent offers a total of 129,165 sq. ft. of space.
Current tenants include the likes of the Royal Institute of British Architects, the Institute of Chartered Secretaries and Administrators and the Secretary of State for the Environment.
Capital & Counties chief executive officer, Ian Hawksworth, said: “Following the sale of Park Crescent East in April 2012, this disposal represents the culmination of GCP’s asset sales.
“In line with the strategy, it allows significant capital to be returned to the joint venture partners for re-allocation within their respective groups.”
Established in 2007, the Partnership is due to wind down before the end of July according to comments made by Mr Hawksworth last year.
Firms including Great Portland Estates, Land Security and British Land have all looked to develop more London office properties in the face of increasing demand, and with this latest sale GPE and Capco will no doubt look to reinvest in further opportunities as alluded to by Mr Hawksworth.
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