GPE completes £172m sale of Central London mixed-use block
Great Portland Estates (GPE) has completed the sale of the wells&more building in Central London to Feldberg Capital on behalf of Fastighets AB Balder for a headline price of £172m, reflecting a net initial yield of 5.0%.
Located in a corner position on Wells Street and Mortimer Street in the heart of Fitzrovia, the freehold property was developed in 2009, and before undergoing refurbishment in 2022. It comprises 116,000 sq ft of Grade A office, retail, and medical space across lower ground, ground and five upper floors.
It is let to a range of customers including Heineken, Airwallex, and Brown Forman Beverages, and generates annual rent of around £9.2m, with a weighted average unexpired lease term of 5.5 years to expiry.
GPE said the sale price sits marginally ahead of the September 2025 book value and around 5% ahead of March 2025.
Alexa Baden-Powell, head of investment at GPE, said: “With the offices now fully let and our business plans complete, the sale of wells&more further demonstrates our ability to recycle capital at the right point in the cycle, delivering strong investment returns while enabling us to reinvest the proceeds across both our acquisition and development pipelines.”