GPE purchases City office interior space

Office design news from Morgan Lovell

Published on 01-10-2009

Great Portland Estates (GPE) has agreed top pay £45.8 million for 90 Queen Street in the City of London.

The firm has purchased the modern office design space from its former owner Prudential, with the present occupant of the building - Brazilian bank Intesa Sanpaulo SPA - holding a lease for the premises until 2017.

Ben Chambers, investment director at GPE, commented: "The property sits in a prime location, is easily and quickly capable of being returned to market should the tenant break, and gives us a high running yield in the meantime."

Elsewhere in the City, London mayor Boris Johnson recently announced he is to put a hold on a development which would have impacted on views of the Tower of London.

Plans had been submitted for a new 18-storey building which would house 350,000 sq ft of modern office design space and up to 9,000 sq ft of retail space by Molloy Properties. Unfortunately, the scheme has now been put on the backburner.