Great Portland Estates (GPE) has acquired a new long leasehold interest in The Gable office building in London’s West End from the City of London Corporation for £18m.
GPE intends to substantially refurbish the 44,000 sq ft building, which is currently partially let on a short-term basis, to deliver its fully managed offer.
The building currently generates annual rent of £1.5m, reflecting a net yield of 6.4%, and once refurbished, the development yield is expected to rise to 6.9%.
Subject to achieving vacant possession, the refurbishment of The Gable is due to start in Q3 2026.
Toby Courtauld, chief executive of GPE, said: “The Gable is a strong addition to this central London flex cluster and reflects our commitment to expanding the fully managed portfolio to over 1m sq ft by 2030. Building on a successful summer of launches, we are confident in our strategy and ability to meet customer demand. Once refurbished, The Gable will offer premium fully managed workspace in the West End, alongside 31/34 Alfred Place and adjacent to The Courtyard Building.”
