GPE buys Fashion Retail Academy building for £36.5m

GPE has bought the home of the Fashion Retail Academy in Fitzrovia from Next for £36.5m. The building, which spans 7-15 Gresse Street and 12-13 Rathbone Place, W1, will continue to house the academy until it relocates to a larger home later this year. GPE said it planned to comprehensively refurbish the block, in line with its net zero targets, to add to its fully managed flex offering. Once complete it could provide space for up to 10 occupiers. Investment director Robin Matthews, said: “Gresse Street offers a fantastic opportunity for us to reposition these tired buildings with high-quality, fully managed flexible spaces designed with the customer at its heart and in a location that is full of opportunity.” A spokesperson from Next said: “We have had a long-standing charitable relationship with the Fashion Retail Academy and are delighted that the proceeds of this transaction will facilitate its expansion and move to its new premises.” Savills represented the vendor in the sale. Tydus Real Estate advised the purchaser. Meanwhile, GPE has signed a global investment firm for a 10-year lease at its 120,000 sq ft One Newman Street, W1 (pictured). The 13,800 sq ft space on the fourth floor of the building will become the firm’s new European headquarters. It has also signed three lettings within its retail portfolio, totalling 8,800 sq ft, at a combined rent of over £2m per annum. View more recent deals in Fitzrovia >> View the agent leaderboards for the London submarkets >> To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews Photo: GPE