The Great Wigmore Partnership (GWP), the 50/50 Joint Venture between Great Portland Estates and Aberdeen Asset Management, has announced the sale of 95 Wigmore Street in a combined deal worth £224 million. The sale reflects a net initial yield of 3.4 per cent and a capital value of £2,209 per sq ft.
The newly constructed 98,800 sq ft West End office and retail property has been purchased by UBS Global Asset Management’s UK real estate business. The sale also includes an additional building, 35 James Street, which incorporates Browning Court and 2 Picton Place and totals 1,882 sq ft.
The office accommodation is multi-let, with rents ranging from £77.50 per sq ft to £92.50 per sq ft with a total contracted rental income of £8.1 million per year. The current weighted unexpired lease term is approximately 10.5 years.
Chief Executive of Great Portland Estates, Toby Courtauld, commented: “The sale of 95 Wigmore Street is the culmination of an exceptional development project for GWP, with the office accommodation fully let only six weeks after practical completion.
“The sale continues our strategy of recycling capital out of assets where we have created significant value and back into our portfolio of central London development and refurbishment projects, timed to coincide with a shortage of new Grade A space to let”.
Nick Ireland, Head of UK Property Segregated Fund Management of Aberdeen Asset Management, said: “This sale is in line with the strategy to realise profit from mature assets where the business plan has been completed.
“The relationship with GPE has been an extremely successful one and the high quality of 95 Wigmore Street is a testimony to this”.
