GPE JV completes sale of Regent Street asset

The Great Ropemaker Partnership (GRP), a joint venture managed by Great Portland Estates (GPE), has finalised the sale of its leasehold interest in 103/113 Regent Street, London W1.

103-113 Regent Street W1 London

A private client of JLL purchased the 53-year short leasehold for £52 mln (€59.7 mln). This figure sits just below the property’s March 2025 book value, representing a net initial yield of 7.2% and a capital value of £912 per m² (€1,046.74 per m²).

Following this transaction, GPE’s total sales over the past year have reached £490 mln (€562.4 mln). Collectively, these disposals have achieved prices 2% higher than their March 2025 valuations.

The building is a significant Grade II listed property spanning 5,281.5 m² in one of London’s most prestigious shopping districts. It features a prominent retail space and upper-floor offices, currently serving as UNIQLO’s flagship London store. The entire premises are let to the retailer until 2036.

The ownership structure is held via a head lease from The Crown Estate, set to expire in April 2079.

Since acquiring the site in December 2009, GRP has achieved a whole-life ungeared internal rate of return (IRR) of roughly 10.9%.

Sophie Pearce, senior portfolio manager at GPE, commented: “This sale marks a successful conclusion to a long-term investment for the Great Ropemaker Partnership. Since acquiring the building in 2009, we have benefited from strong occupier performance, sustained income growth and the enduring appeal of Regent Street as one of London’s prime retail locations. The transaction reflects our ongoing strategy to recycle capital into opportunities with greater potential for value creation, while delivering strong returns for our partners.”