North West House, London
BNP Paribas Real Estate supported WELPUT in the successful letting of North West House in London, and subsequently secured an off-market sale to a Middle Eastern investor.
WELPUT required assistance in the letting of North West House, a prominent office building fronting Marylebone Road to create an attractive investment opportunity.
We pre-let the entire building to WeWork, before undertaking any refurbishment works, on a new 20-year lease without break. Following this, we were appointed by WELPUT to sell the freehold investment and agreed an off-market deal with a private Middle Eastern investor for £58.5 million, reflecting a net initial yield of 4.4%.
“The letting to WeWork created an attractive investment product, which culminated in a successful off-market sale of the building to a private Middle Eastern investor for £58.5 million. This is a good example of our London Agency and Capital Market teams combining forces to provide an all-round service to a client.“