Disposal

Great Portland Estates PLC
02 November 2004

2 November 2004


              Great Portland sells on Bond Street for £50 Million

Great Portland Estates plc ('GPE') has exchanged contracts to sell its leasehold
interest in Clarendon House, 17/18 New Bond Street, London W1 for £50 million to
a private purchaser.

The property was constructed in 1996 and acquired by GPE through its acquisition
of Ilex Limited in 1997. It provides approximately 34,800 sq ft of
accommodation, comprising a retail store of 12,700 sq ft let to LVMH Fashion
Group UK Limited and multi-let offices of 22,100 sq ft above. Net of the 15%
ground rent payable to freeholder, the Pollen Estate, the property produces an
income of £2.4 million per annum.

The sale will produce a profit of £6.5 million, net of costs, over the book
value at 31 March 2004 and the proceeds will be used for general corporate
purposes.

GPE also announces that it has commenced work on its remodeling of the entrance
and office space at Bond Street House. Following the negotiated surrender of
three principal leases, the 12,000 sq ft refurbishment is expected to be
completed by the end of 2005, two years earlier than originally planned. The
project will deliver high quality offices with a rental value of £55 per sq ft,
up from the current rental value of £32.50 per sq ft.

Toby Courtauld, Chief Executive of GPE said: 'Clarendon House has benefited from
significant rental value growth over the past 6 months, due primarily to our
letting to Mappin & Webb at Bond Street House, our holding opposite, where we
set a new rental tone of £500 Zone A. We have also seen yields harden recently,
due in part to the significant weight of private capital chasing trophy
buildings. The purchaser's initial yield for this geared leasehold building is
approximately 4.5% net of costs and, having created value through our asset
management activity on New Bond Street, we believe the time is right to
crystallise our efforts and use the proceeds more profitably elsewhere'.

Contacts:

Great Portland Estates plc
Toby Courtauld Chief Executive         020 7612 1442
Robert Noel Property Director          020 7612 1443

Finsbury
Edward Orlebar                         020 7251 3801




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