GPE sells 60 Great Portland Street for £102.2m

Great Portland Estates has exchanged contracts to sell 60 Great Portland Street for £102.2m, in line with the September 2015 valuation.

The property will be sold to the Cityhold Office Partnership, a joint venture between the TIAA-CREF General Account and Swedish national pension systems funds AP1 & AP2.

60 Great Portland Street was comprehensively refurbished and extended by GPE in 2007 and the offices are let to The Engine Group Limited until 2028, while the retail space is let to F W Evans Cycles (UK) Ltd until 2024.

The sale also included 48/50 Mortimer Street and 1/3 Little Titchfield Street, which comprises two ground and basement retail units extending to 2,100 sq. ft. and a total of 17 apartments which are sold off on long-term occupational leases.

The total contracted rental income is £4.20m a year and the current weighted unexpired lease term is around 11.8 years.

Chief executive Toby Courtauld said, "The sale of 60 Great Portland Street continues our disciplined and profitable recycling from mature assets back into our largest ever development programme which we expect to be a significant driver of future returns."