GPE plans Soho site revamp after £70m property deal

Aaron Morby 11 months ago
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Great Portland Estates has bought a key office block on London’s Soho Square for £70m from owner Belgravia & Chelsea Property Services.

The 57,000 sq ft mixed-use buildings are currently let with vacant possession expected by March 2024.

The 0.5 acre site benefits from planning consent to demolish the existing buildings and deliver around 90,000 sq ft of new Grade A office and prime retail space. 

The buildings are located in the heart of the West End at the eastern end of Oxford Street and back onto Soho Square, just 100m from the new Tottenham Court Road Elizabeth Line station.

Deal secures buildings at 16/19 Soho Square, 29/43 Oxford Street and 7 Falconberg Mews

GPE intends to re-work the designs to improve the quality of office and retail space, further increasing its attractiveness to prospective customers in a materially undersupplied market.

The redevelopment will provide a HQ office building on Soho Square with flagship retail fronting Oxford Street, arranged over basement, lower ground, ground and eight upper floors, with multiple private terraces and a communal roof terrace.

Alexa Baden-Powell, Senior Investment Manager, said, “This acquisition represents a fantastic opportunity for us to develop a strategic West End freehold site into a best-in-class headquarters building with excellent sustainability credentials.”

 

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