Source - SMW
Great Portland Estates has exchanged contracts to sell 30 Broadwick Street, London W1, to a client of Savills IM. 

GPE said the headline price of £190.0m, equating to £186m after deductions for tenant incentives, was marginally ahead of the September book value, reflecting a headline net initial yield of 4.0% and a capital value of £2,015 per sq ft.

It said completion was scheduled for January.

30 Broadwick Street is an eight storey building, completed in late 2016, and provides a total of 94,300 sq ft of grade A office, retail and restaurant accommodation. 

The building is fully let, with the office tenants including Boston Consulting Group, Exponent Private Equity, Jagex, and EQT Partners UK Advisors, on rents ranging from £86.50 to £110 per sq ft. 

The retail tenants include Nespresso, Estee Lauder Cosmetics (trading as Bobbi Brown) and OVO, with the restaurant let to The Ivy Brasserie. 

The total contracted rental income is £8.15m per annum and current weighted unexpired lease term is approximately 10 years (to the earlier of expiries or breaks).


At 8:09am: (LON:GPOR) Great Portland Estates PLC share price was -2p at 676p



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