REG - Great Portland Ests. - GPE acquires 10 South Crescent, WC1 for £51m

Great Portland EstatesAnnouncement

Wed 07:00

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RNS Number : 8789N  Great Portland Estates PLC  07 January 2026

7 January 2026

 

GPE expands West End portfolio with £51 million acquisition of 10 South
Crescent, WC1

 

Great 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.

The 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.

Located 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.

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%."

 

 

 Great Portland Estates plc                                                                                                                                                                                +44  (0)  20  7647   3000
 Toby Courtauld, Chief Executive
 Stephen Burrows, Director of Financial Reporting & IR

 Harry Buxton, Investment Manager

 Yasemin Kiani, Communications Lead

 FGS Global
 James                                                                                                                                                                                                     +44  (0)  20  7251  3801
 Murgatroyd
 Gordon
 Simpson

 

For further information see www.gpe.co.uk or follow us on X at @GPE_London

LEI Number: 213800JMEDD2Q4N1MC42

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