Royal London acquires 1 Newman Street from GPE

Great Portland Estates (GPE) has sold its mixed-use property at 1 Newman Street, W1, to Royal London Asset Management Property for £250 mln (€295 mln). 

1 Newman Street

This price is slightly above its book value from March 2025.
The building, located near Oxford Street and the Dean Street Elizabeth line entrance, was redeveloped by GPE in 2021. 
Designed by Orms, the high-quality, eco-friendly (BREEAM excellent) building offers 11,269 m2 of office and retail space across several floors, including basement, lower ground, ground, and seven upper floors. It also boasts private roof terraces on the second and seventh floors, plus a communal terrace on the eighth floor.
Currently, the property is fully leased to nine tenants, generating approximately £11.9 mln (€13.6 mln) in annual rent, with an average weighted unexpired lease term of 6.4 years.
Hugh Morgan, director of Portfolio Management at GPE, commented: “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.”