GPE enjoys double West End offices success
A large proportion of the redeveloped West End offices at Margaret Street have been pre-let to Savills by Great Portland Estates (GPE).

The premises at number 33 - and which used to be known as Marcol House - comprises 102,291 sq ft of space.

This is split into 7,126 sq ft of retail space and 95,165 sq ft of London offices, with work on the redevelopment scheduled to end in October next year.

Savills has agreed to take 64,142 sq ft across the ground levels up to some of the fifth floor at a £4.4 million a year rent. Each floor will be tied to separate 20-year leases at an initial rate of £68.60 per sq ft.

GPE purchased the building of West End offices in November 2009 from Dubai World. Margaret Street, W1, is close to the University of Westminster and well connected via the tube line at both Oxford Circus and Bond Street stations.

As a result of the pre-letting, just over 31,000 sq ft remains available on the rest of the fifth, sixth and seventh floors.

Meanwhile, GPE has also revealed it has sold a long leasehold interest to an Allied London and Aerium Finance joint venture for £16.25 million. The premises, at 28/29 Savile Row W1 consists of almost 16,000 sq ft.

GPE's investment director Ben Chambers commented: "Savile Row offers a refurbishment opportunity, but following the group's acquisitions over the past 12 to 18 months, the team's focus is better directed towards larger, more impactful schemes."

He added the sale of the building continues with the company's strategy of securing capital from its smaller properties.

The organisation purchased 28 Savile Row from Coats Viyella in 1999 and two years later, GPE announced it had fully let the 15,000 sq ft building to businesses including PDS Private Bank (Switzerland), EFT Group UK and Octagon Developments.

Posted by John Evans

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