Great Portland has announced the sale of 95 Wigmore Street to UBS Global Asset Management for £222.4m. Great Portland owned the building in conjunction with Aberdeen Asset Management through a 50:50 joint venture. The sale price works out at a net equivalent yield of just 3.4% or £2,209 per square foot.
The 98,800 sq. ft. office (83% by area) and retail building was completed in 2013. The sale also includes an additional building known as 35 James Street (incorporating Browning Court and 2 Picton Place) totalling 1,882 sq. ft.. The office accommodation is multi let at rents ranging from £77.50 per sq. ft. to £92.50 per sq. ft.. The total contracted rental income is £8.1m per annum and the current weighted unexpired lease term is approximately 10.5 years.
GPOR : Great Portland sells 95 Wigmore Street