GPE acquires building in London’s West End for €67m

Great Portland Estates (GPE) has purchased One Chapel Place in London's West End for £56 mln (€67 mln).

The final price is subject to further balance sheet adjustment post completion.

The 3,180 m2 building is currently fully occupied with leases generating about £2.5 mln (€3 mln) in annual rent, expiring in mid-2028.

The building offers significant potential for expansion, with plans to increase its size to roughly 5,295 m2. This presents GPE with a prime opportunity to redevelop the property into a leading-edge, sustainable headquarters in a highly desirable London location. GPE aims to improve the existing designs to optimize workspace, upgrade amenities, and attract future tenants.

The building is in the heart of the West End, within walking distance of Bond Street tube and Elizabeth line station.

This acquisition aligns with GPE's strategy, and along with other recent purchases, represents a substantial £162 mln (€194 mln) investment in the West End or £323 mln (€386 mln) including planned renovations since last summer's rights issue.