Acting on behalf of SEB, the European institutional fund, Cushman & Wakefield has launched the sale of Portman Square House, W1. The property offers a rare prime investment opportunity within London’s West End where there has been a shortage of available good quality investment stock.
Portman Square House is a striking headquarters office building comprising 116,082 sq ft (10,784.3 sq m) of Grade A office accommodation behind a retained period facade together with three retail units over lower ground, ground and eight upper floors. It is situated on the south-east corner of Portman Square, one of London West End’s prime garden squares.
SEB has instructed Cushman & Wakefield to market the building for bids in excess of £127 million, reflecting a net initial yield of 5.33%. Tenants include: Cushman & Wakefield LLP, Invesco UK Ltd, Regus and CIB Properties.
Andrew Thomas, Partner at Cushman & Wakefield who is handling the sale on behalf of SEB, said, “London is increasingly viewed by investors as a safe haven amid current economic volatility and remains at the top of the global shopping list for equity destined for the real estate market. Opportunities to secure such a prime investment as Portman Square House are rare and we expect significant interest from both institutional and private sector capital which is scouring the West End of London for quality assets to take advantage of the strength of the occupational markets and the wealth preservation characteristics of the area.”