Great Portland Estates acquires Fitzrovia property

Property development and investment firm Great Portland Estates has acquired 19/23 Wells Street in Fitzrovia from British Land for £19.0m.

Great Portland Estates said on Tuesday that the 19,182 square foot West London building was made up of a basement, ground and five upper floors and it intends to convert the space to its fully managed offering, together with transforming the ground floor space to deliver best-in-class amenity for its customers.

The FTSE 250-listed group added that the building was within walking distance of a number of its existing holdings, including wells&more, Elsley House, Kent House and 7/15 Gresse Street and will add to a growing cluster of fully managed buildings in Fitzrovia.

Investment manager James Harrop-Griffiths said: "This is our second fully managed deal within the West End during the last six months. The building offers an excellent opportunity for us to enhance our cluster of properties in this vibrant area, enabling us to deliver a diverse range of workspaces for our customers, all accompanied by exceptional levels of customer service."

As of 0915 GMT, GPE shares were down 0.60% at 329.02p.

Reporting by Iain Gilbert at Sharecast.com