GPE has acquired two offices in London in two separate transactions for £53m.
In the heart of Soho it has bought 141 Wardour Street for £39m. The vacant 33,717 sq ft building has been stripped out and has planning consent for a comprehensive refurbishment. GPE said the consented scheme will provide “best-in-class office and restaurant accommodation” arranged over lower ground, ground and six upper floors.
GPE has also purchased Bramah House at 65/71 Bermondsey Street for £14m from Canada Life Asset Management acting on behalf of the LF Canlife UK Property ACS. The price reflects a 5.9% net initial yield and a capital value of £892/sq ft.
The multi-let 15,696 sq ft building is located opposite GPE’s Woolyard scheme and the two buildings will create a GPE fully managed campus on Bermondsey Street.
Alexa Baden-Powell, senior investment manager at GPE, said: “141 Wardour Street is a fantastic opportunity to reposition an attractive Art Deco building in a core West End location into best-in-class fully managed space with excellent sustainability credentials. This acquisition, along with Bramah House in Bermondsey, is in line with our strategy to significantly increase our flex offer over the next few years.’’
JLL advised GPE on both transactions.
