Wed, 16 May 2012 | COMMERCIAL PROPERTY
Three London buildings have been sold by property firm Great Portland Estates as part of the firm's move to recycle capital into its major schemes in the capital.
According to the property firm, 184/190 Oxford Street, Buchanan House in Holborn and a portfolio of properties in Portland Place have been sold for a total of £106 million. This is 23 per cent above their September 2011 book values.
Aldo and a number of other retailers lease space within the Oxford Street building, while Buchanan House was let to HSBC, which took advantage of the 67,000 sq ft of office space and banking hall. It is uncertain whether the new owners, Orchard Street UK, which purchased the property for £20.5 million, will continue with this lease.
Meanwhile, a subsidiary of Amazon Properties bought Park Crescent East for £47 million from Great Portland Estate's joint venture with Capital & Counties.
Toby Courtauld, chief executive of the property firm, commented: “These sales continue our strategy of selling smaller, labour intensive and/or mature assets to recycle capital into the more meaningful opportunities within the Group, and its Joint Ventures.
“These include the exceptional growth opportunities at our properties such as Rathbone Place, the Hanover Square Estate, 240 Blackfriars Road, 33 Margaret Street, Wigmore Street and Walmar House, as well as our extensive pipeline of longer term projects.”
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