Great Portland Estates has sold its 37/41 Mortimer Street office, W1, for £26.9m.
The 23,800 sq ft office was bought by Guy Ivesha in partnership with Cain Hoy and other private investors.
Mortimer Street is currently vacant with consent for B1/A1/A3 use on the ground floor and basement.
Hugh Morgan, head of investment management at GPE, said: “We had the necessary consents in place to undertake a comprehensive refurbishment of Mortimer House in a supply-constrained West End occupational market.
“However, as a consequence of strong demand for vacant refurbishment opportunities, it made sense to sell Mortimer House now and invest the proceeds for higher returns in our exceptional development programme.”
Savills advised Great Portland Estates.
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