Royal London Asset Management Property has acquired the landmark 1 Newman Street from Great Portland Estates plc (GPE) for £250 million, marking a significant addition to the investor’s prime central London portfolio.
The multi-let asset comprises 121,300 square feet of prime office and retail space arranged over nine floors and sits directly opposite the Dean Street entrance of the Tottenham Court Road Elizabeth Line, benefitting from excellent connectivity and immediate access to the shops, restaurants and amenities of Fitzrovia and Soho.
As a fully-let asset with tenants including Scape UK Management and Bell Rock Capital Management alongside retailers such as Pandora, 1 Newman Street is aligned with Royal London Asset Management Property’s investment strategy. The investor’s approach focuses on best-in-class opportunities with strong potential for rental growth in central London.
The building’s BREEAM Excellent rating, achieved through renewable energy power sources, 5,100 square feet of green terracing, biodiversity net gain and water reuse schemes, reflects Royal London Asset Management’s broader commitment to responsible property investment.
Will Edwards, Portfolio Fund Manager at Royal London Asset Management Property, said: “The acquisition of 1 Newman Street reflects our continued conviction in the strength of Central London’s prime office and retail market. This asset perfectly complements our strategy of investing at scale in highly accessible, high amenity, best-in-class buildings with exceptional sustainability credentials, that offer long-term growth potential and enduring value for our clients.”
Keith Miller, Head of Offices & Central London at Royal London Asset Management Property, said: “Our office investment strategy recognises the growing demand for high-quality, sustainable workspaces, while delivering long-term returns. As a well-connected, best-in-class asset of scale in Central London, 1 Newman Street will be a strong addition to our portfolio, reinforcing our approach and ensuring long-lasting value for our investors.”
Royal London Asset Management Property’s 2.4 million square feet office portfolio includes central London assets such as the upcoming Hogan Lovells headquarters at Holborn Viaduct, the law firm’s former headquarters, Atlantic House, and a landmark renovation project of the 55,000 square feet 151 Shaftsbury Avenue.
Royal London Asset Management Property was advised by RX London, and GPE was advised by CBRE and Newmark.
Royal London Asset Management Property were represented by Gowling WLG.
