Great Portland Estates sells off £65m building home to Ottolenghi’s new restaurant
A West End property block home to Yotam Ottolenghi’s new flagship restaurant was snapped up by an overseas investor for £65m today.
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Great Portland Estates (GPE), a FTSE property developer, sold off 55 Wells Street to an undisclosed foreign buyer in a deal for 39,000 square feet of space.
Among the new buyer’s tenants will be Rovi, the latest incoming restaurant owned by Ottolenghi, a famous Israeli-British chef who has risen to prominence in the capital for his Mediterranean recipes.
Commenting on the sale, Toby Courtauld, chief executive of GPE, said: “The sale of 55 Wells Street crystallises another successful development for GPE, and is consistent with our strategy of recycling capital out of mature assets.”
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Earlier today the landlord also said it continued to maintain leasing momentum in the quarter to the end of September as a result of “sustained” occupier demand, with 24 new lettings across 90,000 square feet of its estate, which is entirely based in London.