Great Portland Estates has sold 60 Great Portland Street, W1, to Cityhold Office Partnership for £102.2m.
The sale price reflects a net initial yield of 3.9% and a capital value of £1,300 per sq ft.
Cityhold Office Partnership a is a joint venture between the TIAA-CREF general account and Swedish national pension funds AP1 and AP2, which are managed by TH Real Estate.
60 Great Portland Street, which was refurbished in 2007, includes 65,400 sq ft of offices, let to the Engine Group until 2028, and more than 11,000 sq ft of retail space let to Evans Cycles.
Total contracted rental income is £4.2m.
The sale also included 48/50 Mortimer Street and 1/3 Little Titchfield Street, W1, which consist of two ground and basement retail units and 17 flats sold on long-term occupational leases.
Toby Courtauld, chief executive of GPE, said: “The sale of 60 Great Portland Street continues our disciplined and profitable recycling from mature assets back into our largest ever development programme, which we expect to be a significant driver of future returns.”
