The commercial property
Website

GPE Takes Remaining 50 per cent Stake in Jermyn Street Estate

Posted on 2 August, 2012 by Neil Bird

Great Portland Estates (GPE) has acquired the remaining 50 per cent stake in the Jermyn Street Estate that it doesn’t already own. The acquisition further increases GPE’s central London commercial property portfolio which is valued at £2 billion.

Jermyn Street has a long association with men’s tailoring and is best known for its shirts. It is home to luxury clothing brands such as Turnbull & Asser and the UK’s oldest cheesemonger Paxton & Whitfield. GPE’s acquisition is a mixture of office and retail space, and the 62 tenants include Standard Chartered Bank and a branch of Starbucks.

The estate was previously part of a joint venture between GPE and Capital and Counties (Capco). But GPE has paid £60 million to assume full control of the assets which currently bring in a net rental income of £4.5 million.

Speaking about the sale, Ian Hawksworth of Capco said; “The sale of the Jermyn Street Estate releases capital back into the joint venture and allows our partners GPE to further expand their Piccadilly portfolio in light of their recent acquisition of French Railways House and 50 Jermyn Street.”

Mr Hawksworth went on to explain that the joint venture, the Great Capital Partnership (GCP), will consider further disposals on a case by case basis throughout the remainder of 2012.

GPE chief executive, Toby Courtauld, said he is delighted with the deal which, combined with the neighbouring acquisitions, provides the company with an additional 185,000 sq. ft. of prime commercial property space.

He concluded by saying; “In the longer term, the combined properties offer a superb development opportunity in one of the West End’s premier sub markets, with the potential to deliver material uplift in both quality and quantity of accommodation on the site.”




Leave a Reply


Recent Posts

Londons-Burning-Record-Investment-and-Rising-Take-Up-ignite-Capital-Market

London’s Burning: Record Investment and Rising Take-Up ignite Capital Market

Independent-Discounters-prove-popular-for-Household-Goods

Independent Discounters prove Popular for Household Goods

Funding-kick-starts-Warrington-Business-Incubator-Hub

Funding kick-starts Warrington Business Incubator Hub

Investment-in-Swedish-Market-rises-sharply-in-First-Quarter

Investment in Swedish Market rises sharply in First Quarter

Office-Upgrades-to-Improve-Leeds-Ugly-Duckling-Image

Office Upgrades to Improve Leeds ‘Ugly Duckling’ Image

Fall-in-Easter-Weekend-Footfall-reveals-Fragility-of-Recovery

Drop in Easter Weekend Footfall reveals Fragility of Recovery

Development-Securities-purchases-Armagh-Shopping-Centre

Development Securities purchases Armagh Shopping Centre

Nuneaton Town Hall: The council believes the property business will generate a sustainable income

Nuneaton Council-Owned Property Business set to invest £1m

Irelands-Tallest-Tower-sold-to-International-Buyer

Ireland’s Tallest Tower sold to International Buyer

Yorkshire-Commercial-Property-Shortage-likely-to-hold-back-Recovery

Yorkshire Commercial Property Shortage likely to hold back Recovery

Canadas-Quartet-Cities-Attracting-Invetment-Attention

Canada’s “Quartet” Cities Attracting Investment Attention

Adidas-launches-First-UK-Concept-Store-in-Bluewater

Adidas launches First UK Concept Store in Bluewater

Markets-bring-a-Buzz-to-Bristol-Business-District

Markets bring a Buzz to Bristol Business District

Overseas-Investors-move-into-Yorkshire-Commercial-Property-Market

Overseas Investors move into Yorkshire Commercial Property Market

Irish-Government-urged-to-extend-Living-City-Tax-Initiative-to-include-Offices

Irish Government urged to extend “Living City” Tax Initiative to include Offices

Canadian-Commercial-Property-Firm-acquires-Gateway-into-Europe

Canadian Commercial Property Firm acquires Gateway into Europe