Benchmark Group PLC
25 February 2000
BENCHMARK SIGN WITH THE CROWN ESTATE
FOR MAJOR SOHO OFFICE SCHEME
Benchmark Group PLC ('Benchmark'), the central London property
investment and development company announces that it has
signed a development agreement with the Crown Estate providing
for the comprehensive refurbishment of Novello House at 160
Wardour Street, London W1 in the heart of the West End.
Under the agreement Benchmark will pay £14.85 million for a
new 125 year lease (with a 15% gearing) from the Crown Estate.
Novello House will, on completion of the refurbishment, which
includes the addition of a new floor, provide some 70,000 sq
ft (6,503 sq m) of offices on 6 floors and 7,500 sq ft (697sq m)
of other commercial space.
Benchmark will commence refurbishment in April 2000 with
completion expected in Spring 2001. Planning and listed
building consents were granted in November last year.
Nigel Kempner, Chief Executive of Benchmark said: 'Novello
House is an excellent location for media companies and support
firms of the media and communications industries from whom
there is currently significant demand. We are looking to fast
track this scheme to capitalise on that demand and target our
product at that type of user. We have already received
interest from potential occupiers although we are happy to
start on a speculative basis.
'We are pleased to be working with the Crown Estate again.
Having completed our major Stirling Square scheme and The
Panoramic, the Novello House scheme adds to our development
programme in the West End.'
Commenting on the scheme, Anthony Bickmore, Crown Estate
Director of Urban Estates said: 'Our plans for Novello House
are an excellent example of the Crown Estate's commitment to
effective stewardship - it is a sustainable development that
meets contemporary requirements and environmental
considerations, without compromising the building's intrinsic
value. Benchmark were selected in a competitive tender and
produced the best overall bid for the opportunity.'
For further information
Nigel Kempner Charlotte Carroll Jeremy Carey / Karen Roberts
Chief Executive The Crown Estate Tavistock Communications
Benchmark Group PLC Tel: 020 7210 4823 Tel: 020 7600 2288
Tel: 020 7287 6881
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