Business
Great Portland Estates' sale of Mortimer House
Great Portland Estates' sale of Mortimer House.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 7388W Great Portland Estates PLC 29 April 2016 \n\n \n29 April 2016\n \n \nGPE sells Mortimer House, 37/41 Mortimer Street, London W1\n \nGreat Portland Estates plc (\"GPE\") announces that it has exchanged contracts to sell Mortimer House, 37/41 Mortimer Street (\"Mortimer House\") for a price of £26.95 million.\n \nThe office property, extending to circa 23,800 sq. ft. net internal area (31,200 sq. ft. gross internal area) is currently vacant, and benefits from consent for a triple B1/A1/A3 use on the ground and basement floors.\n \nThe buyer is a new vehicle set up by hotelier Guy Ivesha, in joint venture with Cain Hoy and other private investors, who plan to operate a premium work and lifestyle concept with a strong emphasis on hospitality.\n \nHugh Morgan, Head of Investment Management at GPE said \"we had the necessary consents in place to undertake a comprehensive refurbishment of Mortimer House in a supply constrained West End occupational market. However, as a consequence of strong demand for vacant refurbishment opportunities, it made sense to sell Mortimer House now and invest the proceeds for higher returns in our exceptional development programme.\"\n \nContacts:\n \nGreat Portland Estates plc\nToby Courtauld - Chief Executive 020 7647 3042 \nHugh Morgan - Head of Investment Management 020 7647 3055 \n \nFinsbury (GPE Financial PR) \nJames Murgatroyd 020 7251 3801\nGordon Simpson  ...