The Great Ropemaker Partnership (GRP) has completed the sale of the 53-year short leasehold interest in 103/113 Regent Street to a private client of JLL.
The headline price of £52m is marginally behind the March 2025 book value and reflects a 7.2% net initial yield and a capital value of £912/sq ft.
The 56,850 sq ft Grade II listed property is fully let to Uniqlo as its London flagship store until 2036, with offices above. The building is held leasehold from The Crown Estate on a lease expiring in April 2079.
GRP, is a 50:50 joint venture managed by Great Portland Estates (GPE), which acquired the property in December 2009. This latest disposal brings GPE’s total sales in the last 12 months to £490m.
Sophie Pearce, senior portfolio manager at GPE, said: “This sale marks a successful conclusion to a long-term investment for the Great Ropemaker Partnership. Since acquiring the building in 2009, we have benefited from strong occupier performance, sustained income growth and the enduring appeal of Regent Street as one of London’s prime retail locations. The transaction reflects our ongoing strategy to recycle capital into opportunities with greater potential for value creation, while delivering strong returns for our partners.”
