GPE buys Fitzrovia flex office from British Land

GPE has sealed a deal to add to its London flex office portfolio, buying a near-20,000 sq ft Fitzrovia site from British Land. The pair have exchanged on 19-23 Wells Street, W1, for £19m or £991 per sq ft. The six-floor building, which British Land has run under its own flexible office brand, Storey, will be converted into GPE’s fully managed offering. The building is within walking distance of several of GPE’s other sites, including Wells & More, Elsley House, Kent House and 7-15 Gresse Street, adding to its cluster in Fitzrovia. The company said earlier this month that it had £100m of deals under offer and a pipeline of £1.6bn of assets under active review or on its watchlist to buy. GPE investment manager James Harrop-Griffiths said: “This is our second fully managed deal within the West End during the last six months. The building offers an excellent opportunity for us to enhance our cluster of properties in this vibrant area, enabling us to deliver a diverse range of workspaces for our customers, all accompanied by exceptional levels of customer service.” Hanover Green acted for GPE; Knight Frank acted for British Land.