Royal London Asset Management Property has acquired 1 Newman Street from Great Portland Estates (GPE) for £250m.
The multi-let asset, which comprises 121,300 sq ft of office and retail space arranged over nine floors, sits directly opposite the Dean Street entrance of the Tottenham Court Road Elizabeth Line.
The building is fully-let to tenants including Scape UK Management, Bell Rock Capital Management and Pandora.
Will Edwards, portfolio fund manager at Royal London Asset Management Property, said: “The acquisition of 1 Newman Street reflects our continued conviction in the strength of Central London’s prime office and retail market. This asset perfectly complements our strategy of investing at scale in highly accessible, high amenity, best-in-class buildings with exceptional sustainability credentials, that offer long-term growth potential and enduring value for our clients.”
Keith Miller, head of offices and Central London at Royal London Asset Management Property, added: “Our office investment strategy recognises the growing demand for high-quality, sustainable workspaces, while delivering long-term returns. As a well-connected, best-in-class asset of scale in Central London, 1 Newman Street will be a strong addition to our portfolio, reinforcing our approach and ensuring long-lasting value for our investors.”
Royal London Asset Management Property was advised by RX London and GPE was advised by CBRE and Newmark. Royal London Asset Management Property was represented by Gowling WLG.
