Great Portland Estates (GPE) has acquired 10 South Crescent, WC1, from the City of London Corporation for £51m.

The 72,605 square foot building is set to be repositioned to create a decarbonised HQ office and retail building, with premium amenities and enlarged roof terraces.

Currently, the offices are single-let for a further four years at a highly reversionary rent of £67 per square foot, with recent nearby lettings achieving in excess of £125 per square foot.

The FTSE 250 property development and investment firm said the purchase has expanded its West End portfolio, and the purchase price reflects a net yield of 6.8% and a projected running yield of 7.1% once the vacant retail unit is let.

The building is located near to Tottenham Court Road’s Elizabeth line station and joins an existing cluster of GPE buildings around Alfred Place.

Investment manager at GPE, Harry Buxton, said: "10 South Crescent is a valuable addition to our central London portfolio and further demonstrates our ability to find value in our core West End markets.

"Since our 2024 rights issue, we have now acquired six West End repositioning opportunities with an estimated capital commitment of circa £440m and at a combined discount to replacement cost of some 60%."

Shares in GPE increased by over 3% in early trading following the announcement.

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