1st Sep 2025 08:48
(Alliance News) - Great Portland Estates PLC on Monday announced the acquisition of a new long leasehold interest in The Gable.
The London-based office space landlord said the transaction was for GBP18.0 million from the City of London Corp. The Gable is within walking distance of Tottenham Court Road's Elizabeth line station in central London.
The building is currently partially let on a short-term basis at an annual rent of GBP1.5 million, generating a net yield of 6.4%.
Refurbishment of The Gable is expected to start in the third quarter of 2026.
Chief Executive Officer Toby Courtauld said: "The Gable is a strong addition to this central London Flex cluster and reflects our commitment to expanding the Fully Managed portfolio to over 1 million square feet by 2030. Building on a successful summer of launches, we are confident in our strategy and ability to meet customer demand.
"Once refurbished, The Gable will offer premium Fully Managed workspace in the West End, alongside 31/34 Alfred Place and adjacent to The Courtyard Building."
Great Portland shares were up 0.5% at 307.00 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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