Great Portland Estates plc (LON:GPE) has completed the sale of 1 Newman Street, W1 to Royal London Asset Management Property for a headline price of £250 million, reflecting a net initial yield (NIY) of 4.48%, marginally ahead of the March 2025 book value. The freehold property sits on the northern side of Oxford Street, immediately opposite the Elizabeth line entrance on Dean Street.
Redeveloped by GPE in 2021 and designed by leading architects Orms, 1 Newman Street is a BREEAM excellent, best-in-class HQ building comprising 121,300 sq ft of Grade A office and flagship retail space across basement, lower ground, ground, and seven upper floors. The building features private roof terraces on floors two and seven, along with a 3,100 sq ft communal terrace on level eight and is multi-let to nine customers generating annual rent of around £11.9 million, with a WAULT of 6.4 years to the earlier of break or expiry.
Hugh Morgan, Director of Portfolio Management at Great Portland Estates, said: “The sale of 1 Newman Street marks the culmination of an exceptional journey for this redevelopment project. We’ve delivered a best-in-class office and retail building in the heart of the West End, and this transaction crystallises our returns while enabling us to reinvest the proceeds, including into the next phase of our exciting development pipeline.”
Great Portland Estates sells 1 Newman Street for £250m to Royal London Asset Management
- Written by: Amilia Stone
Latest Company News
Great Portland Estates has received a resolution from Camden Council to grant planning permission for the refurbishment of Whittington House in WC1.
Great Portland Estates has sold 1 Newman Street, W1, to Royal London Asset Management Property for £250 million, achieving a net initial yield of 4.48%, slightly above its March 2025 valuation.
Great Portland Estates has signed a new £525m ESG-linked unsecured revolving credit facility with NatWest, Santander, Bank of China and Lloyds Bank.
Great Portland Estates has received Southwark Council’s approval to redevelop St Thomas Yard, SE1, into an 11-storey sustainable office building designed by Orms
Great Portland Estates secured £37.6m of new leasing in the first half, outperforming ERV by 7.1% and matching last year’s total volume. With strong demand for premium central London space, GPE has expanded its portfolio with new acquisitions and refurbishments, supporting rental growth of 4–7% for FY26.
Great Portland Estates has confirmed that Moody’s has maintained its Baa2 long-term issuer rating and stable outlook following a periodic review, citing GPE’s strong balance sheet, low leverage, and prime London office portfolio. Further financial updates will be provided in the Half Year results on 18 November.
