REG - Great Portland Ests. - GPE acquires One Chapel Place

Great Portland EstatesAnnouncement

24/03/2025 07:00

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RNS Number : 7651B  Great Portland Estates PLC  24 March 2025

 

24 March 2025

 

GPE acquires HQ development opportunity at One Chapel Place, W1

 

Great Portland Estates plc (GPE) is delighted to announce the acquisition of
Cypress Dynasty Limited which owns the freehold interest in One Chapel Place,
W1. The total cash consideration is based on a property valuation of £56.0
million (£985 per sq ft on proposed NIA, 4.4% NIY), subject to further
balance sheet adjustment post completion. The 34,230 sq ft building is fully
let at an annual rent of c.£2.5 million per annum, with the office leases due
to expire in mid-2028.

 

The building is in the heart of the West End, within walking distance of Bond
Street tube and Elizabeth line station. The building presents a significant
opportunity for additional massing, with existing plans targeting an expansion
to approximately 57,000 sq ft, and provides GPE with an exciting opportunity
to create a highly sustainable best-in-class HQ redevelopment in this prime
London location. GPE plans to refine the existing designs to enhance workspace
quality, upgrade amenities, and maximise appeal for future customers.

 

Alexa Baden-Powell, Senior Investment Manager, said, "One Chapel Place meets
all of our acquisition criteria. This is a freehold asset, in a prime Bond
Street location, with significant massing potential, and provides a rare
opportunity to create a best-in-class, premium HQ office building with
excellent sustainability credentials in a location that is starved of high
quality supply. Together with the recent purchases of The Courtyard, W1,
Whittington House and 19/23 Wells Street, we have now invested £162 million
into West End acquisitions since our rights issue last summer, or £323
million including the capex we intend to invest in the buildings.''

 

 

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

 Alexa Baden-Powell, Senior 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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