The Great Capital Partnership, the 50:50 joint venture between Great Portland Estates and Capital & Counties, has bought £160m of property in central London.
In four separate transactions the Great Capital Partnership (GPC) has acquired six properties.
In Regent Street, W1, GPC has bought three properties from WELPUT for £111.8m: 100 Regent Street and 33 Glasshouse Street; Regent Arcade House at 19/25 Argyll Street; and Spirella House at 266/270 Regent Street.
The properties, which total 128,100 sq ft, are held on a long leasehold from the Crown Estate with an average unexpired term of 88 years. They produce an annual rent of £5.43m and have an ERV of £6.92m in their un-refurbished state.
GPC has also bought three buildings adjacent to its existing holdings in the West End and Midtown in three transactions totaling £47.7m. These are 54/56 Jermyn Street in SW1, for £19.5m. The building adjoins GCP’s 104,000 Piccadilly Estate.
In Park Crescent, W1, it has bought number 10/12, a 21,000 sq ft office building for £7.7m. In Midtown, it has paid £20.5m for 43 Fetter Lane, EC4, a 28,840 sq ft vacant building which has planning consent for 39,500 sq ft. The property is adjacent to GCP’s existing ownership at 12/14 New Fetter Lane. Together, they form a 0.25 acre island site with potential for a larger scheme.
The purchases bring GCP’s total assets to £621m, of which around 63% is on Regent Street or the immediate vicinity.