Potential of Dixon Carphone's HQ rings true with £85m sale

21 December 2016

On behalf of Crosstree Real Estate Partners, Savills has sold Dixons Carphone’s headquarters office at 1 Portal Way in Acton, London W3 to Imperial College. The off-market sale completed for £83.5 million, representing a net initial yield of 4.68% assuming full costs.

Totalling 150,000 sq ft (13,900 sq m) set on a 4.5 acre (1.82 hectare) freehold site, the two storey office building is fully let to Carphone Warehouse Ltd until 2030 at a rent of £4,170,457 per annum (£27.50 per sq ft). The site is prominently positioned close to Crossrail’s Acton Main Line station (opening 2019) and the proposed Old Oak Common HS2 station (2026).

In August 2016, a 10-year planning permission was granted for a 1 million sq ft (92,900 sq m) scheme on the site comprising 764 residential units across eight buildings. Unusually the lease also contained a landlord only break option in 2024. 

Paul Cockburn, director in the Central London investment team at Savills, comments: “Nearby Old Oak Common is one of the most important future regeneration projects in London. 1 Portal Way provides a fantastic opportunity to invest in the area and already boasts planning permission for significant redevelopment. Imperial College, who have other nearby holdings, identified this and will review their options over the coming years whilst benefitting from the income security.” 

 
 

General Enquiries

Savills Margaret Street

 

Key Contacts

Paul Cockburn

Paul Cockburn

Director
Central London Investment

Savills Margaret Street

+44 (0) 20 7409 8788

 

Tim Whitmey

Tim Whitmey

Director
Central London Residential Development

Savills Margaret Street

+44 (0) 20 7409 9999