Great Portland Estates (GPE) has acquired King Sloane Properties, which owns the freehold interests at 16/19 Soho Square, 29/43 Oxford Street and 7 Falconberg Mews, from Belgravia & Chelsea Property Services for £70m.
The 57,456 sq ft mixed-use buildings are currently multi-let at circa £1.48m per annum with vacant possession expected by March 2024, at which point GPE will undertake a redevelopment of the site.
The 0.5-acre site benefits from planning consent to demolish the existing buildings and deliver around 90,000 sq ft of Grade A office space and retail.
GPE said the redevelopment would provide a ‘best-in-class’ HQ office building on Soho Square with retail fronting Oxford Street arranged over basement, lower ground, ground and eight upper floors.
Alexa Baden-Powell, senior investment manager at GPE, said: “This acquisition represents a fantastic opportunity for us to develop a strategic West End freehold site into a best-in-class headquarters building with excellent sustainability credentials.”
