REG - Great Portland Ests. - GPE grows its Fully Managed West End cluster

Great Portland EstatesAnnouncement

01/09/2025 07:00

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RNS Number : 3159X  Great Portland Estates PLC  01 September 2025

 

1 September 2025

 

GPE grows its Fully Managed West End cluster with acquisition of The Gable,
WC1

 

Great Portland Estates plc (GPE) has acquired a new long leasehold interest in
The Gable, WC1 for a total consideration of £18.0 million (£409 per sq ft on
current NIA) from the City of London Corporation (CLC). The Gable is the
latest building to join GPE's cluster of Fully Managed buildings in this prime
part of the West End, within easy walking distance of Tottenham Court Road's
Elizabeth line station.

 

GPE plans to substantially refurbish the 44,000 sq ft building to deliver its
Fully Managed offer, providing best-in-class workspaces with high quality
customer amenity, private terracing and re-configured modern retail space*.
Currently, the building is partially let on a short-term basis at an annual
rent of £1.5 million generating a net yield of 6.4%. Once refurbished, the
development yield is expected to rise to 6.9%, delivering an ungeared IRR of
11%+.

 

Together, The Gable, the recently acquired Courtyard Building and Whittington
House, and existing holdings at 31/34 Alfred Place, could create a 220,000 sq
ft cluster of Grade A Fully Managed and HQ space in WC1, offering customers a
wide range of exceptional spaces whilst delivering operational efficiencies
for GPE. Subject to achieving vacant possession, The Gable refurbishment is
due to start in Q3 2026.

 

Toby Courtauld, Chief Executive at GPE, said: "The Gable is a strong addition
to this central London Flex cluster and reflects our commitment to expanding
the Fully Managed portfolio to over 1 million sq ft by 2030. Building on a
successful summer of launches, we are confident in our strategy and ability to
meet customer demand. Once refurbished, The Gable will offer premium Fully
Managed workspace in the West End, alongside 31/34 Alfred Place and adjacent
to The Courtyard Building."

 

*dependent on the current customer's plans to either stay or vacate the office

 

 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

 Dan Nicholson, Executive Director

 Alexa Baden-Powell, Head of Investment

 Charlie Turrell, Head of Commercial Finance

 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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