Hanover Green’s investment team advised Great Portland Estates plc (GPE) on the acquisition of 19-23 Wells Street, W1, for £19 million (£991 per sq ft), from British Land plc.
Located in the heart of Fitzrovia at the southern end of Wells Street, the Grade II listed Art Deco building comprises 19,182 sq ft of office and retail accommodation.
Originally built in 1931 as a creative hub for wallpaper and fabric design company Sanderson, when it was named RIBA Building of the Year. 19 Wells Street has evolved into a contemporary workspace. After a stint as Columbia Pictures’ headquarters, TateHindle architects and Universal Design Studio restored the building, which boasts Art Deco features, abundant natural light, and a rooftop terrace with panoramic views.
GPE intends to convert the space to its Fully Managed offer, together with transforming the ground floor space to deliver best-in-class amenity for its customers. The asset is within walking distance of several of GPE’s existing holdings in Fitzrovia, including Wells & More, Elsley House, Kent House, and 7/15 Gresse Street.
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