Great Portland has made a central London commercial property investment with the acquisition 20 St James’s Street, SW1 for £42.5 million, or a capital value of £765 per sq. ft., from IVG UK Limited.
20 St James’s Street is an eight storey 55,490 sq. ft. building and was redeveloped in the mid 1980’s. The property is now multi-let to 9 tenants producing a gross rent of £2.39 million per annum.
The London offices are let at an average of £55 per sq. ft. and the majority of leases expire in 2015 or have breaks in 2012 providing a medium-term refurbishment opportunity.
The property is held on a lease from The Crown Estate, expiring in January 2111 at a ground rent of 15% of rents received.
GPE chief executive Toby Courtauld, said: “It is in a prime St James’s location, let off low average rents for the area and offers immediate asset management opportunities with a fuller refurbishment prospect in the medium term.”
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