Capital & Counties sells stake in five properties to Great Portland Estates
Capital & Counties has sold its half share in £150m worth of West End property to Great Portland Estates, from the pair’s Great Capital Partnership.
The deal includes properties in Regent Street, Broadwick Street and Dufours Place.
- Kingsland House and Carrington House, which form a medium term redevelopment opportunity on Regent Street opposite the new Superdry and Burberry flagship stores. They produce £2.3 million of annual rent off £41.75 per sq ft for the office space and £253 per sq ft zone A for the retail premises, and yield 4.8% and 4.6% respectively.
- Walmar House, 288/300 Regent Street and 13/14 Great Castle Street, comprise a 59,240 sq ft consented refurbishment opposite GPE’s redevelopment of 33 Margaret Street (formerly Marcol House). The proposed scheme includes 37,760 sq ft of Grade A offices over six floors, the creation of a new 10,000 sq ft flagship retail unit on the corner of Regent Street and Great Castle Street, and four residential units. With the exception of two existing retail units, the remainder of the property is vacant.
- St Lawrence House comprises three adjoining buildings including offices, retail and residential and extends to 72,399 sq ft on a site of 0.49 acres. It produces a running yield of 5.4% in a prime Soho location, producing a total income of £2.57 million off an average office rent of £35.50 per sq ft.
Toby Courtauld, chief executive of Great Portland Estates, said: “Whilst perhaps non-core to GCP, these are classic GPE assets so it makes good sense to buy in the half we don’t already own.
“The acquisition both enables the refurbishment of Walmar House and 13/14 Great Castle Street in the near term and provides medium term repositioning opportunities in both Soho and Regent Street with a solid income return in the meantime”.