Great Portland Estates has bought two West End properties from Henderson Global Investors’ portfolio.
The properties offer a significant development opportunity.
The landlord has purchased the long leaseholds on 12,450 sq ft 50 Jermyn Street, SW1 and 20,000 sq ft French Railways House, 178-180 Piccadilly, W1, paying close to £40m in the off-market deal.
GPE owns five surrounding buildings, meaning that with the latest purchases, which are held on 40-year leases from the Crown Estate, it has the potential for a 200,000 sq ft development.
H2SO advised GPE; Henderson was unrepresented.
joanna.bourke@estatesgazette.com
