Great Portland Estates (GPE) has acquired the freehold of One Chapel Place, W1, through the purchase of Cypress Dynasty Limited, in a deal valuing the property at £56.0m (£985 per sq ft on proposed net internal area), reflecting a net initial yield of 4.4%.
The 34,230 sq ft West End office building is fully let at around £2.5m pa, with leases running to mid-2028. Located near Bond Street station, the site offers significant redevelopment potential, with existing plans to expand the building to around 57,000 sq ft. GPE says that it intends to refine the current design to deliver a best-in-class, sustainable HQ workspace.
The deal brings GPE’s post-rights issue West End investments to £162m, or £323m including planned capex, following recent acquisitions of The Courtyard, Whittington House, and 19/23 Wells Street.
