London-based real estate organisation successfully negotiates £70 million property agreement

London-based company, Great Portland, secures ownership of King Sloane Properties Limited, managing freehold interests at Soho Square, Oxford Street, and Falconberg Mews. They acquired the estate from Belgravia & Chelsea Property Services Limited, with a cash consideration estimated between...

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2025 September 12 . 12:32 AM

1 min read

London-based property group clinches a £70 million agreement for a central estate

London-based real estate organisation successfully negotiates £70 million property agreement

In the heart of London's bustling West End, property developer Great Portland has purchased King Sloane Properties Limited, a half-acre estate located at the eastern end of Oxford Street and backing onto Soho Square. The estate, currently a mix of mixed-use buildings totalling 57,456 sq ft, is leased for around £1.48 million per annum.

The acquisition is a significant move for Great Portland, with the senior investment manager, Alexa Baden-Powell, describing it as a "fantastic opportunity to develop a strategic West End freehold site into a best-in-class headquarters building with excellent sustainability credentials."

The redevelopment plans for the site are ambitious. The existing buildings will be demolished to make way for a new structure offering around 90,000 sq ft of Grade A office and prime retail space. The design of the redevelopment will be revised to enhance the quality of the office and retail space, with the aim of increasing the attractiveness of the property in a materially undersupplied market.

The redeveloped building will boast multiple private terraces and a communal roof terrace, providing a desirable work environment. The project will span basement, lower ground, ground, and eight upper floors.

The purchase price of £70m is subject to further balance sheet adjustments. Vacant possession of the estate is expected by March 2024, as previously stated. The property value is estimated to be between £70m and £772 per square foot.

The redeveloped building is set to become a landmark in the area, offering a best-in-class HQ office building on Soho Square with flagship retail fronting Oxford Street. The redevelopment is expected to significantly contribute to the attractiveness of the property to prospective customers in the West End.