Great Portland Estates sells Park Crescent West

26th Jun 2013 09:18

Great Portland Estates' (GPE) has sold London asset Park Crescent West to PCW Property Holding for 105m pounds.Park Crescent West is the last remaining asset under the Great Capital Partnership (GCP), a joint venture between GPE and Capital and Counties Properties (Capco).The sale price is 8.6% ahead of December 2012 and March 2013 valuations and reflects a net initial yield of 2.0% and a capital value of £813 per square feet (sq ft) on the net internal area. Park Crescent West includes 77/83 Portland Place, 16 Park Crescent, 18/25 Park Crescent, 22 Park Crescent and 26 Park Crescent. It comprises a mix of commercial, court and residential uses and extends to a total of 129,165 sq ft. Existing tenants include the Royal Institute of British Architects, the Institute of Chartered Secretaries and Administrators and the Secretary of State for the Environment. The properties generate an annual income of £2.2m and are held on a long lease from The Crown Estate which expires in December 2157 at a current ground rent of £15,000 per year. Ian Hawksworth, Chairman of GCP and Chief Executive of Capco, said: "Following the sale of Park Crescent East in April 2012, this disposal represents the culmination of GCP's asset sales. In line with the strategy it allows significant capital to be returned to the joint venture partners for re-allocation within their respective groups."Shares rose 2.08% to 516.50p at 09:48 on Wednesday.RD