Business
GPE sells wells&more, W1 for £172m
Great Portland Estates PLC has exchanged contracts for the sale of wells&more at 45 Mortimer Street for £172 million, achieving a net initial yield of 5.0% and a price of £1,483 per sq ft, which is marginally ahead of its September 2025 book value. The 116,000 sq ft property, comprising office, retail, and medical space, generates approximately £9.2 million in annual rent with a weighted average unexpired lease term of 5.5 years. This sale demonstrates GPE's ability to recycle capital and reinvest proceeds into its acquisition and development pipelines. Disclaimer*
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n\n16 March 2026\n \nGPE completes sale of wells&more, 45 Mortimer Street, W1 for £172 million\nGreat Portland Estates plc (GPE) has exchanged on the sale of wells&more, W1 to Feldberg Capital on behalf of Fastighets AB Balder for a headline price of £172 million. At a 5.0% net initial yield and £1,483 per sq ft, the price sits marginally ahead of the September 2025 book value and around 5% ahead of March 2025. The freehold property occupies a prominent corner position on Wells Street and Mortimer Street in the heart of Fitzrovia.\nDeveloped by GPE in 2009, and substantially refreshed in 2022, wells&more is a high-quality headquarters building comprising 116,000 sq ft of Grade A office, retail and medical space across lower ground, ground and five upper floors. The building benefits from private terraces at the fourth and fifth floors and courtyards at both lower ground and ground floors. It is multi-let to a range of customers including Heineken, Airwallex and Brown Forman Beverages and generates annual rent of around £9.2 million, with a WAULT of 5.5 years to expiry.\nAlexa Baden-Powell, Head of Investment at GPE, said: \"With the offices now fully let and our business plans complete, the sale of wells&more further demonstrates our ability to recycle capital at the right point in the cycle, delivering strong investment returns while enabling us to reinvest the proceeds across both our acquisition and development pipelines.\"\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\n3000\n\n\n\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\n\n\n\nAlexa Baden-Powell, Head of Investment\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStephen Burrows, Director of Investor Relations and Joint Director of Finance\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\nFGS Global\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJames Murgatroyd & Gordon Simpson \n\n\n+44\n\n\n(0)\n\n\n20\n\n\n7251\n\n\n3801\n\n\n\n\n\n\n\nFor further information see www.gpe.co.uk or follow us on X at @GPE_london\nLEI Number...