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Great Portland Estates (GPE) has sold its Wells&More office-led scheme on the corner of Wells Street and Mortimer Street in London’s Fitzrovia to Feldberg Capital, on behalf of Fastighets AB Balder, for £172m.
Wells&More spans 116,000 sq ft, including 97,342 sq ft of grade-A offices
The freehold property at 45 Mortimer Street spans 116,000 sq ft of mixed-use space, comprising 97,342 sq ft of grade-A offices across seven floors, private terraces, two retail units and a communal courtyard.
The sale reflects a net initial yield of 5% and a value of £1,483/sq ft, with the price marginally above September 2025 book value and 5% ahead of March 2025 value.
GPE developed Wells&More in 2009 and refurbished it in 2022. It is let to tenants including Heineken, Airwallex and Brown Forman Beverages, generating an annual rent of around £9.2m with a weighted average unexpired lease term of of 5.5 years.
Wells&More is Feldberg’s latest prime office acquisition, following its purchase of Park House on behalf of ENKA for £186m in October, Fitzrovia’s Ariel House for its brown-to-green office fund Cora in February last year and 21-25 Bedford Street in Covent Garden in 2024.
David Turner, chief investment officer at Feldberg Capital, said: “This acquisition reflects our strong conviction in the central London office market, underpinned by extensive market research and occupational data.
“The combination of attractive entry yields, significant day-one rental reversion of typically 20% to 30% and the potential for further rental growth of more than 25% over the medium term creates a compelling risk-adjusted investment case.
“With many of the leading research houses now forecasting an inward yield shift over the next five years, the outlook for investors is becoming increasingly positive.”
Alexa Baden-Powell, head of investment at GPE, added: “With the offices now fully let and our business plans complete, the sale of Wells&More further demonstrates our ability to recycle capital at the right point in the cycle, delivering strong investment returns while enabling us to reinvest the proceeds across both our acquisition and development pipelines.”
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