Business
GPE acquires 10 South Crescent, WC1 for £51m
Great Portland Estates plc has acquired a 155-year leasehold interest in 10 South Crescent, WC1 for £51 million, representing a net yield of 6.8% and a projected running yield of 7.1% once the vacant retail unit is let. The 72,605 sq ft building will be repositioned into a decarbonised HQ office and retail space, with current office rents at £67 per sq ft compared to recent nearby lettings exceeding £125 per sq ft. This acquisition, located near Tottenham Court Road's Elizabeth line station, is the sixth West End repositioning opportunity secured since the 2024 rights issue, with an estimated capital commitment of circa £440 million and a combined discount to replacement cost of approximately 60%. Disclaimer*
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n\n7 January 2026\n \nGPE expands West End portfolio with £51 million acquisition of 10 South Crescent, WC1\n \nGreat Portland Estates plc (GPE) has acquired a new 155 year long leasehold interest in 10 South Crescent, WC1 for £51 million (£708 per sq ft on current NIA) from the City of London Corporation. The purchase price reflects a net yield of 6.8% (net of top-up) and a projected running yield of 7.1% once the vacant retail unit is let.\n\nThe 72,605 sq ft building will be repositioned to create a best-in-class, decarbonised HQ office and retail building, with premium amenities and enlarged roof terraces. Currently the offices are single-let for a further four years at a highly reversionary rent of £67 per sq ft with recent nearby lettings achieving in excess of £125 per sq ft.\n\nLocated minutes from Tottenham Court Road's Elizabeth line station, 10 South Crescent joins an existing cluster of GPE buildings around Alfred Place which provide a high-quality mix of Grade A HQ and Fully Managed space in an amenity-rich West End location.\n Harry Buxton, Investment Manager at GPE, said: \"10 South Crescent is a valuable addition to our central London portfolio and further demonstrates our ability to find value in our core West End markets. Since our 2024 rights issue, we have now acquired six West End repositioning opportunities with an estimated capital commitment of circa £440m and at a combined discount to replacement cost of some 60%.\"\n \n \n\n\n\n\nGreat Portland Estates plc\n\n\n+44\n\n\n(0)\n\n\n20\n\n\n7647\n\n\n 3000\n\n\n\n\nToby Courtauld, Chief Executive\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStephen Burrows, Director of Financial Reporting & IR\nHarry Buxton, Investment Manager\nYasemin Kiani, Communications Lead\n \n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFGS Global\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJames Murgatroyd &...