Great Portland Estates (GPE) has agreed a deal to sell the long leasehold at office space in London to a joint venture between two companies – Aerium Finance Limited and Allied London LLP.
The office premises, located at 28 and 29 Savile Row, has been purchased in a deal worth Â£16.25 million – or Â£1,017 per sq ft.
Composed of 15,978 sq ft of office space, with some space for retail accommodation, the property’s lease is currently held by The Pollen Estate, which is set to expire in 2150.
The retail unit has been forecast as bringing in a gross rent of Â£200,000 per year.
Investment Director of GPE, Ben Chambers, explained the reasons behind the sale.
He said: “This sale continues our strategy of recycling capital out of smaller properties. Savile Row offers a refurbishment opportunity, but following the Group’s acquisitions over the past 12 to 18 months, the team’s focus is better directed towards larger, more impactful schemes.”
News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.