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
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Great Portland Estates has pre-let more than 13,000 sq ft of Fully Managed office space at Elsley House, W1, following strong demand for the newly refurbished floors.
GPE has fully let or placed under offer all floors at Nineteen Wells Street, W1, securing £3.7 million of annual rent six months after completion.
Great Portland Estates has let over 6,200 sq ft at 170 Piccadilly, taking the Fully Managed development to more than 73% let or under offer.
Great Portland Estates plc recorded an overall Net Promoter Score of +29.7 across its office and retail portfolio, ahead of the industry average of +13.6, with its Fully Managed product reaching +49.1.
Great Portland Estates said it signed £70.9 million of leases and renewals in the year to 31 March 2026, with market lettings averaging 10.3% above March 2025 ERV, supported by strong final-quarter leasing and continued demand for fully managed space.
