7th Jan 2026 08:21
Great Portland Estates PLC - London-based commercial real estate developer and landlord - Acquires new 155-year leasehold interest in 10 South Crescent, WC1 for GBP51 million or GBP708 per square foot on the current net internal area. Says the price reflects a 6.8% net yield and projected 7.1% running yield once the vacant retail unit is let. The property "will be repositioned to create a best-in-class, decarbonised HQ office and retail building, with premium amenities and enlarged roof terraces," Great Portland says. Adds that the offices are single-let for four years "at a highly reversionary rent" of GBP67 per square foot. It joins an existing group of Great Portland Estates buildings around Alfred Place, providing "a high-quality mix of Grade A HQ and fully managed space in an amenity-rich West End location."
Investment Manager Harry Buxton comments: "10 South Crescent is a valuable addition to our central London portfolio and further demonstrates our ability to find value in our core West End markets. Since our 2024 rights issue, we have now acquired six West End repositioning opportunities with an estimated capital commitment of circa GBP440 million and at a combined discount to replacement cost of some 60%."
Current stock price: 317.50 pence
12-month change: up 13%
By Emma Curzon, Alliance News reporter
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