GPE plots £170M+ London office sale

Great Portland Estates is turning heads again, entering exclusive talks to sell the wells&more building on Mortimer Street, Fitzrovia, for north of £170 million – the latest jewel in its ongoing disposals spree. 

Interest is hot, with European investment powerhouse Feldberg Capital circling the asset. JLL, brought in late last year, had been angling over £180 million for the 116,000 sq ft property, home to a mix of medical and office tenants at an average of £91 per sq ft. And the marquee draw? Heineken UK signed a 10-year lease of 17,000 sq ft last December, a major addition to the tenant roster.

GPE, in its full-year results back in May, confirmed it’s in full rotation mode: £350 million of disposals planned over the next 12 months, half already under offer, with a medium-term target of £650 million in sales. Last year, it completed the sale of 1 Newman Street (Oxford House) to Royal London Asset Management for £250 million, proving the market appetite for trophy London offices remains fierce.

Feldberg Capital is flexing its green credentials with the Cora “brown-to-green” workplace fund, turning energy-inefficient London offices into smart, ESG-ready workspaces. Their eye is on prime locations – Covent Garden, Soho, Fitzrovia, Bloomsbury – all spots where connectivity and amenity take centre stage.

The fund isn’t new to high-profile London plays: in October, Feldberg advised ENKA on the £186 million acquisition of Park House, 16 Finsbury Circus, London EC2, from a DWS-run fund – a clear signal that Feldberg’s Cora fund is serious about reshaping London offices for the green future.

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