GPE announces lettings in JVs
Great Portland Estates PLC
25 September 2006
25 September 2006
Great Portland announces £2.7m of retail lettings in JVs
Great Portland Estates plc ('GPE') announces its 50:50 joint venture with
Liverpool Victoria Friendly Society, The Great Victoria Partnership ('GVP'), has
agreed to let both retail units in the initial phase of its retail development
at 208-222 Regent Street acquired from retailer Liberty last year.
Listed Building consent was received in July for phase I of the development
which will see the former Liberty store divided into two flagship stores.
Construction work has started with completion scheduled for December. A Listed
Building application for the creation of a third 10,000 sq ft flagship store
(Phase II) in May next year has also been submitted.
H&M Hennes Ltd, trading under a new format, will take a 7,275 sq ft store on the
ground and first floor for a 15 year term. The average rent over the first five
years will be £1.1 million per annum, equivalent to £150 per sq ft overall or
£380 per sq ft in terms of Zone A. An initial rent free period of 9 months has
been agreed.
Spanish retailer Desigual will take a 10,100 sq ft store on ground and basement
floors for a 15 year term. The average rent over the first five years will be
£0.7 million per annum, equivalent to £74 per sq ft overall or £370 per sq ft in
terms of Zone A. An initial rent free period of 12 months has been agreed.
GVP has also recently agreed to let 526/528 Oxford Street to Mothercare for a
new Oxford Street flagship store of 10,200 sq ft at a rent of £0.9 million per
annum, equivalent to £89 per sq ft or £340 per sq ft in terms of Zone A.
Mothercare has agreed to take a 10 year lease with 6 months rent free.
Robert Noel, Property Director of GPE, said: 'We accepted an early surrender of
Liberty's lease in Regent Street at the end of March and to have let the
reconfigured stores to new market entrants already is testament to the demand
for quality units on this resurgent street. We are also very pleased to have
secured Mothercare in Oxford Street at a rent ahead of our target for this part
of the street proving the popularity of well configured stores in the West End'.
Contacts:
Great Portland Estates plc
Toby Courtauld Chief Executive 020 7647 3042
Robert Noel Property Director 020 7647 3043
Finsbury
James Murgatroyd 020 7251 3801
Gordon Simpson
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