Savills, on behalf of Great Portland Estates plc ('GPE'), has sold the vacant freehold of Mortimer House, 37/41 Mortimer Street, London to a private investor for a price of £26.95 million.

The office property, extending to circa 23,800 sq ft (2,211 sq m) is currently vacant, and benefits from consent for a triple B1/A1/A3 use on the ground and basement floors.

The buyer is a new vehicle set up by hotelier Guy Ivesha, in joint venture with Cain Hoy, who plan to operate a premium work and lifestyle concept.

Paul Cockburn, director in the Central London investment team at Savills, comments: 'Despite having consents in place to undertake a comprehensive refurbishment project, we advised thatto capitalise on the demand for vacant redevelopment oppportunies in the West End, the asset should be sold as as a refurbishment project'

The purchaser was advised by Colliers.

Savills plc issued this content on 29 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 April 2016 16:30:30 UTC

Original Document: http://www.savills.co.uk/_news/article/72418/202131-0/04/2016/gpe-sells-mortimer-house--london-w1