Great Portland Estates sells Mortimer Street property for £38.5m
Updated : 07:50
Great Portland Estates has sold a multi-let office and retail building at 27/35 Mortimer Street, W1, for £38.5m to Orchard Street Investment Management on behalf of St James's Place.
The sale price reflects a net initial yield of 3.9% and a capital value of £1,242 per square foot.
The building, which extends to around 31,000 sq ft, is fully let and provides a total rental income of £1,602,365 per annum, reflecting £57.70 per sq ft on the offices and £36.69 per sq ft on the ground and basement retail, which is let to Sainsbury's.
Hugh Morgan, director of investment management at Great Portland, said: "The sale of 27/35 Mortimer Street is marginally ahead of the March 2018 book value and follows the profitable sale of the adjacent Mortimer House in April 2016."