Great Portland Estates and joint-venture partner Ropemaker Properties have sold the 53-year short leasehold interest in 103/113 Regent Street to a private client of JLL for £52m.
103-113 Regent Street
The 56,850 sq ft grade II-listed comprises a large retail unit with offices above, fully let to Uniqlo as its flagship store and UK headquarters until 2036. g
The sale price is marginally below the March 2025 book value and reflects a 7.2% net initial yield and a capital value of £912 per sq ft.
The Great Ropemaker Partnership is a 50:50 joint venture between GPE and Ropemaker, the property nominee of the BP Pension Fund. The JV acquired the property in December 2009.
The building is held on a long lease from The Crown Estate running to April 2079.
GPE has now achieved £490m in sales over the past 12 months, at an average 2% above March 2025 book values. Last month, it sold its Wells&More office-led scheme in Fitzrovia to Feldberg Capital for £172m.
Sophie Pearce, senior portfolio manager at GPE, said: “This sale marks a successful conclusion to a long-term investment for the Great Ropemaker Partnership.
“Since acquiring the building in 2009, we have benefited from strong occupier performance, sustained income growth and the enduring appeal of Regent Street as one of London’s prime retail locations.
“The transaction reflects our strategy to recycle capital into opportunities with greater potential for value creation, while delivering strong returns for our partners.”
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