LONDON, UK: Great Portland Estates (GPE) introduced the acquisition of the lengthy leasehold curiosity at 7/15 Gresse Street and 12/13 Rathbone Place, W1, for £36.5m (£847psf, 5.6% NIY). The constructing has been home to the Fashion Retail Academy since 2005, which will stay in occupation till the exact timing for its relocation to a bigger new house is confirmed.
The constructing sits within the coronary heart of Fitzrovia, lower than 200 metres from the Elizabeth Line Tottenham Court Road, and provides 43,000 sq ft of space throughout 5 flooring that require substantial upgrading to bring them in line with buyer calls for and GPE’s net zero carbon commitments.
Following a complete refurbishment, the constructing would be suited to GPE’s Fully Managed Flex offering, delivering excessive quality, sustainable and beautifully designed offices, for as much as 10 occupiers, together with attractive amenity space.
This would add to GPE’s rising flex workplace portfolio, currently offering round 250,000 sq ft of space on Fitted and Fully Managed terms, throughout central London.
Robin Matthews, Investment Director, said, “Gresse Street offers a fantastic alternative for us to reposition these drained buildings with high-quality, fully managed versatile areas designed with the buyer at its coronary heart and in a location that’s full of opportunity.”
A spokesperson from Next, representing the vendor, said, “We have had a long-standing charitable relationship with the Fashion Retail Academy and are delighted that the proceeds of this transaction will facilitate their expansion and transfer to their new premises.”
Savills represented the seller within the sale. Tydus Real Estate suggested the purchaser.