Great Portland Estates PLC Great Portland Estates sells 30 Broadwick Street (2765A)
27 December 2017 - 6:00PM
UK Regulatory
TIDMGPOR
RNS Number : 2765A
Great Portland Estates PLC
27 December 2017
27 December 2017
Great Portland Estates plc sells 30 Broadwick Street, W1
Great Portland Estates plc (GPE) announces that it has exchanged
contracts to sell 30 Broadwick Street to a client of Savills IM.
The headline price of GBP190.0 million, equating to GBP186 million
after deductions for tenant incentives, is marginally ahead of the
September 2017 book value, reflecting a headline net initial yield
of 4.0% and a capital value of GBP2,015 per sq ft. Completion is
scheduled for January 2018.
30 Broadwick Street is an eight storey building, completed in
late 2016, and provides a total of 94,300 sq ft of grade A office,
retail and restaurant accommodation. The building is fully let,
with the office tenants including Boston Consulting Group, Exponent
Private Equity, Jagex, and EQT Partners UK Advisors, on rents
ranging from GBP86.50 to GBP110 per sq ft. The retail tenants
include Nespresso, Estee Lauder Cosmetics (trading as Bobbi Brown)
and OVO, with the restaurant let to The Ivy Brasserie. The total
contracted rental income is GBP8.15 million per annum and current
weighted unexpired lease term is approximately 10 years (to the
earlier of expiries or breaks).
Commenting on the sale, Robin Matthews, Investment Director of
GPE said, "The sale of 30 Broadwick Street is the final achievement
in an outstanding development project for GPE. Having secured
planning permission in 2014, GPE commenced development
speculatively in 2015 recognising the quality of the location and
future demand for high quality office space in Soho. The property
is now 100% let and the sale continues our strategy of recycling
capital out of mature assets".
Contacts:
Great Portland Estates plc
Toby Courtauld, Chief Executive +44 (0) 20 7647 3042
Robin Matthews, Investment Director +44 (0) 20 7647 3010
Nick Sanderson, Finance Director +44 (0) 20 7647 3034
Finsbury Group
James Murgatroyd +44 (0) 20 7251 3801
Gordon Simpson +44 (0) 20 7251 3801
This information is provided by RNS
The company news service from the London Stock Exchange
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