Great Portland Estates PLC on Monday said it has agreed to buy another property in London’s West End from Cypress Dynasty Ltd.
The London-based property development and investment company has paid £56.0 million for the freehold interest in One Chapel Place.
The 34,230 square foot building is fully let at an annual rent of around £2.5 million per annum, with the office leases due to expire in mid-2028.
Senior Investment Manager Alexa Baden-Powell said: ‘One Chapel Place meets all of our acquisition criteria. This is a freehold asset, in a prime Bond Street location, with significant massing potential, and provides a rare opportunity to create a best-in-class, premium HQ office building with excellent sustainability credentials in a location that is starved of high quality supply.’
Since last summer, Great Portland Estates has invested £162 million into West End, London acquisitions, or £323 million including intended capital expenditure.
Shares in Great Portland Estates were down 0.5% at 305.50 pence each in London on Monday.
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