North West House, London

Case Study

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.

The challenge 

WELPUT required assistance in the letting of North West House, a prominent office building fronting Marylebone Road to create an attractive investment opportunity. 

The solution

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%.

Simon Glenn, Co-Head of Central London Capital Markets

“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.“
North West House, London