Great Portland Estates (GPE) has sold the wells&more office building in London’s Fitzrovia to Feldberg Capital, acting on behalf of Fastighets AB Balder, for £172m, in a deal reflecting a net initial yield of 5%.
The sale price is marginally ahead of the asset’s September 2025 book value and around 5% ahead of March 2025.
Developed by GPE in 2009, and substantially refreshed in 2022, the headquarters building, which occupies a prominent corner position on Wells Street and Mortimer Street, comprises 116,000 sq ft of Grade A office, retail and medical space across lower ground, ground and five upper floors.
The building is let to a range of customers including Heineken, Airwallex and Brown Forman Beverages and generates annual rent of around £9.2m, with a WAULT of 5.5 years to expiry.
Alexa Baden-Powell, head of investment at GPE, said: “With the offices now fully let and our business plans complete, the sale of wells&more further demonstrates our ability to recycle capital at the right point in the cycle, delivering strong investment returns while enabling us to reinvest the proceeds across both our acquisition and development pipelines.”
