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Great Portland finds buyer for vacant London property

saidit agreed to off-load a vacant office property in London, for nearly £27million.

The37/41 Mortimer St. asset, known as Mortimer House, has consent in place for a comprehensiverefurbishment, but the company decided to sell the property due to high demandfor vacant refurbishment opportunities, said Hugh Morgan, head of investmentmanagement. He added that the proceeds will be invested in the company'sdevelopment program.

Theproperty spans about 23,800 square feet of net internal area.

Thebuyer is a new joint venture vehicle between Cain Hoy, hotelier Guy Ivesha andother private investors. The buyers intend to operate a hospitality-focusedwork and lifestyle concept, according to the news release.