A weekly round up of the latest property news from the central London boroughs
City of Westminster
EG reports that Great Portland Estates has sold 160 Great Portland Street for £127m to part of the Alduwaliya Asset Management group. The price reflects a net initial yield of 4.1% and a capital value of £1,328 per sq ft.
EG reports that the Department for Education has signed for another 15 years at Blackstone’s Sanctuary Buildings, casting doubt over the department’s mooted move to the Old Admiralty Building, also SW1. The DFE’s relocation was expected to save the taxpayer £19m a year. Its new lease at Sanctuary Buildings is understood to be at an increased rent of more than £50 per sq ft pa. The deal also means that Blackstone will not be carrying out its plans to revamp Sanctuary Buildings, for which it received planning approval last summer.
EG reports that Historic England has criticised British Land’s £3bn-plus plans for Canada Water. In a letter to Southwark Council it claimed planned towers would have a ‘profound and far-reaching impact’ on London’s skyline and adversely affect the setting of heritage assets such as Tower Bridge and St Paul’s.