Great Portland Estates has sold 180 Great Portland Street in London's West End to Commerz Real for £79.5m.

Great Portland sold the London office block from its joint venture partnership The Great Wigmore Partnership, a 50:50 jv with Scottish Widows.

The £79.5m price achieved is around 4% below the June 2008 valuation of the 105,000 sq ft retail and office building.

The average office rent is £60.15/sq ft and after expiry of the rent free periods the net initial yield is 6.25%.

Toby Courtauld, chief executive of Great Portland, said: '180 Great Portland Street has been a successful development for us. It was completed in January 2007, the offices 100% let within 12 months at good rents and it provided the group with a post tax ungeared IRR of almost 27% a year.

'The sale of this stabilised asset boosts our liquid resources to over £320m and maintains comfortable leverage ratios.'