Inside GPE’s latest
West End acquisition

GPE is pressing ahead in the West End, snapping up a £51 million long-leasehold interest at 10 South Crescent and adding another prime asset to its central London portfolio.

The deal sees the managed operator acquire a 155-year lease in the 72,605 sq ft building from the City of London Corporation. Located just minutes from Tottenham Court Road and the Elizabeth line, the building sits firmly within GPE's core West End territory.

The building is set for a full overhaul, with plans to transform it into a best-in-class, decarbonised HQ office and retail destination, complete with premium amenities and expanded roof terraces. In the meantime, the offices remain single-let, with four years left at a reversionary rent of £67 per sq ft - well below recent nearby lettings, which are now pushing past £125 per sq ft.

Beyond the asset, the acquisition also builds on GPE’s existing cluster around Alfred Place, where it already delivers a mix of Grade A HQ and fully managed workspace in a well-amenitised West End pocket.

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%".

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