LONDON (ShareCast) - (ShareCast News) - Great Portland Estates has exchanged contracts to sell 30 Broadwick Street to a client of Savills IM for a headline price of £190m, with completion scheduled for January.
This equates to £186m after deductions for tenant incentives and is marginally ahead of the September 2017 book value, reflecting a headline net initial yield of 4% and a capital value of £2,015 per sq ft.

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

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 a year and current weighted unexpired lease term is approximately 10 years.

Robin Matthews, investment director of GPE said: "The sale of 30 Broadwick Street is the final achievement in an outstanding development project for GPE. Having secured planning permission in 2014, GPE commenced development speculatively in 2015 recognising the quality of the location and future demand for high quality office space in Soho. The property is now 100% let and the sale continues our strategy of recycling capital out of mature assets."

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