Great Portland Estates Plc (CPOR.L) on Monday announced the acquisition of the special purpose company holding the long leasehold interest of Whittington House, WC1 for 58.5 million pounds.
The acquisition price represents 785 per sq ft on current NIA.
The building is currently let on a short-term basis, at an annual rent of around 5.2 million pounds with vacant possession expected in the first-quarter of 2025.
Alexa Baden-Powell, Senior Investment Manager, said: "At a significant discount to replacement cost, the building has angles to exploit and our refurbishment will deliver high quality, sustainable space into a market that is increasingly starved of such supply."
Located in the heart of the West End, the 74,500 sq ft HQ building helps GPE to create office spaces that draw upon its iconic Richard Seifert & Partners design.
Whittington House sits adjacent to GPE's existing holdings at 31/34 Alfred Place and opposite the recently acquired Courtyard, WC1.
The repositioned building will be delivered in the first-quarter of 2027.
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