GPE has bought a new headquarter development site close to London’s Oxford Street from CC Land.
The investor-developer has acquired Cypress Dynasty, which in turn holds the freehold interest in One Chapel Place on Vere Street, in a deal that values the property at £56m and a 4.4% net initial yield.
The 34,230 sq ft building is fully let at an annual rent of £2.5m, with office leases due to expire in mid-2028. Existing plans for the building include expanding it to 57,000 sq ft.
Alexa Baden-Powell, senior investment manager at GPE, 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.”
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