REG - Great Portland Ests. - GPE completes sale of 1 Newman Street, W1

Great Portland EstatesAnnouncement

27/10/2025 07:00

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RNS Number : 8145E  Great Portland Estates PLC  27 October 2025

27 October 2025

 

GPE completes sale of 1 Newman Street, W1 for £250 million

Great Portland Estates plc (GPE) has completed the sale of 1 Newman Street, W1
to Royal London Asset Management Property for a headline price of £250
million, reflecting a net initial yield (NIY) of 4.48%, marginally ahead of
the March 2025 book value. The freehold property sits on the northern side of
Oxford Street, immediately opposite the Elizabeth line entrance on Dean
Street.

Redeveloped by GPE in 2021 and designed by leading architects Orms, 1 Newman
Street is a BREEAM excellent, best-in-class HQ building comprising 121,300 sq
ft of Grade A office and flagship retail space across basement, lower ground,
ground, and seven upper floors. The building features private roof terraces on
floors two and seven, along with a 3,100 sq ft communal terrace on level
eight and is multi-let to nine customers generating annual rent of around
£11.9 million, with a WAULT of 6.4 years to the earlier of break or expiry.

Hugh Morgan, Director of Portfolio Management at GPE, said: "The sale of 1
Newman Street marks the culmination of an exceptional journey for this
redevelopment project. We've delivered a best-in-class office and retail
building in the heart of the West End, and this transaction crystallises our
returns while enabling us to reinvest the proceeds, including into the next
phase of our exciting development pipeline."

 Great Portland Estates plc                                                      +44            (0)            20             7647           3000
 Toby Courtauld, Chief Executive
 Nick Sanderson, Chief Financial & Operating Officer

 Hugh Morgan, Director of Portfolio Management
 Stephen Burrows, Director of Investor Relations and Joint Director of Finance

 Yasemin Kiani, Communications Lead

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

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

LEI Number: 213800JMEDD2Q4N1MC42

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