GREAT Portland Estates and Capital & Counties Properties said yesterday they have sold the last asset held by their joint venture partnership for £105m.
Park Crescent West, a row of Grade I listed properties near Regent’s Park, were sold by the Great Capital Partnership (GCP) to PCW Property Holding, a privately-owned firm advised by Amiri Capital.
The terraces, which are a mixture of homes and offices, generate an annual income of about £2.2m and are held on a long lease from the Crown Estate at a ground rent of £15,000 per year.
The tenants include the Royal Institute of British Architects, the Institute of Chartered Secretaries and Administrators and the Secretary of State for the Environment.
GCP, which was set up in 2007, will be wound up next month following the sale.
Ian Hawksworth, chairman of GCP, said: “In line with the strategy it allows significant capital to be returned to the joint venture partners for re-allocation within their respective groups.”