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Great Portland Estates has concluded the exchange of contracts in order to be able to sell off their long leasehold interest in the commercial property that is situated at 28/29 Savile Row, W1. A joint venture between Allied London LLP and Aerium Finance Limited has purchased their share in the property.
The commercial property comprises of up to as much as 15,978 feet of office space, which is positioned in the centre of London’s West End. The property sold for the price of £16.25 million, the figure serving as a reflection of its capital value amount of £1017 per square foot. The property also features some retail space in addition to the office space, with that unit producing a gross rent of up to as much as £200,000 per year, while all of the office space is currently vacant, offering an opportunity for refurbishment. The Pollen Estate holds the commercial property on a long lease, which does not expire until the March of 2150 with a ground rent of 10 per cent of all other rents received.
“This sale continues our strategy of recycling capital out of smaller properties,” reckons the investment director of Great Portland Estates, Ben Chambers. “Savile Row offers a refurbishment opportunity but following the Group’s acquisitions over the past 12 to 18 months, the team’s focus is better directed towards larger, more impactful schemes.”
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