GPE expands West End portfolio with The Gable acquisition

Great Portland Estates (GPE) has acquired a new long leasehold for The Gable, WC1, from the City of London Corporation (CLC) for £18.0 mln (€20.8 mln).

GPE London retail property

This 4,088 m2 building, which will be added to GPE’s "Fully Managed" West End portfolio, is strategically located within easy walking distance of Tottenham Court Road's Elizabeth Line station. GPE plans a substantial refurbishment to deliver premium "Fully Managed" workspaces, including high-quality customer amenities, private terraces, and reconfigured modern retail spaces.
Currently, The Gable is partially let on short-term agreements, generating an annual rent of £1.5 mln (€1.7 mln) and a net yield of 6.4%. After renovation, the development yield is projected to increase to 6.9%, with an ungeared Internal Rate of Return (IRR) of over 11%.
This acquisition is part of GPE's broader strategy to create a significant 20,439 m2 "cluster" of Grade A "Fully Managed" and HQ office space in WC1. This will be achieved by combining The Gable with other recently acquired and existing properties (Courtyard Building, Whittington House, and 31/34 Alfred Place), offering a wider range of exceptional spaces to customers and enhancing GPE's operational efficiency.
The refurbishment of The Gable is scheduled to commence in Q3 2026, contingent on obtaining vacant possession.
Toby Courtauld, chief executive at GPE, said: "The Gable is a strong addition to this central London Flex cluster and reflects our commitment to expanding the Fully Managed portfolio to over 92,900 m2 by 2030. Building on a successful summer of launches, we are confident in our strategy and ability to meet customer demand. Once refurbished, The Gable will offer premium Fully Managed workspace in the West End, alongside 31/34 Alfred Place and adjacent to The Courtyard Building."