Great Portland Estates acquires Central London office building
By Iain Gilbert
Date: Monday 16 May 2022
(Sharecast News) - Property development and investment firm Great Portland Estates has acquired the long leasehold interest of a currently vacant Central London office building at 6/10 St Andrew Street for £30.0m.
Great Portland said the 46,200 square foot building, which benefits from planning permission for a two-storey extension, was located within five minutes walking distance of Chancery Lane and Farringdon stations and was only 450 metres from the new Farringdon Elizabeth Line.
The FTSE 250-listed group said the site had "excellent fundamentals" but required "substantial refurbishment" to bring it in line with its net-zero carbon commitment. Following works to the site, it will provide approximately 48,000 square feet over the lower ground and eight upper floors, with two private terraces, a communal roof terrace, and a winter garden.
Great Portland's move to purchase the Andrew Street asset comes hot on the heels of its recent acquisition on Gresse Street and signals an effort to "substantially increase" its existing Flex footprint across London over the next few years.
Reporting by Iain Gilbert at Sharecast.com
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10 Lower Thames St,
London EC3R 6EN