Great Portland Estates have now exchanged contracts to sell 20 St James's Street, SW1 for £54.5 million, reflecting a net initial lead of 2.1% and a capital value of £982 per sq. ft. for the leasehold interest.
Completion is subject to the freeholder's consent.
The purchaser is a single client account. The 55,490 sq. ft. property is currently partially let to seven office tenants and one retail tenant, producing a net rent of £1.2 million per annum.
The office element has a current weighted average lease term of approximately 1.75 years. The property is held on a long leasehold interest (98 years unexpired) geared to 15% of rents received, subject to a base rent of £223,000 per annum.
Great Portland Estates bought the property in 2010 for £42.5 million and were until recently planning a comprehensive and in-depth refurbishment of the property in 2015.