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GPE bolsters West End estate with £18m purchase
(Sharecast News) - Real estate group Great Portland Estates has bolstered its portfolio of fully managed buildings within the West End with the £18m acquisition of The Gable, WC1 from the City of London Corporation. The Gable, located within walking distance from Tottenham Court Road station, is a 44,000 square foot building currently partially let at an annual rent of £1.5m, generating a net yield of 6.4%.
However, GPE plans to "substantially refurbish" the site to offer customer amenities, private terracing and a re-configured retail space, with works expected to start in the third quarter of 2026.
Under the company's plans, the development yield is expected to rise to 6.9%, delivering an ungeared internal rate of return of 11%+.
Together with the recently acquired Courtyard Building and Whittington House, and existing holdings at 31/34 Alfred Place, The Gable acquisition will create a 220,000 sq ft cluster of fully managed and headquarter space in WC1.
"The Gable is a strong addition to this central London Flex cluster and reflects our commitment to expanding the Fully Managed portfolio to over 1 million sq ft by 2030," said chief executive Toby Courtauld.
"Building on a successful summer of launches, we are confident in our strategy and ability to meet customer demand. Once refurbished."
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