GPE expansion in Hanover Sq
Great Portland Estates PLC
20 February 2007
20 February 2007
Great Portland expands Hanover Square estate, W1
Great Portland Estates plc ('GPE') announces, in separate transactions;
• A West End property swap with South Yorkshire Pensions Authority with a
combined value of £29.15 million. GPE has bought 1 Tenterden Street, W1 for
£14.95 million and sold 95 New Cavendish Street, W1 for £14.2 million with
the balance being settled by GPE in cash.
• The acquisition from RBS Pension Trustee of 72 New Bond Street, W1 for
£12.1 million.
Both acquisitions adjoin GPE's existing 1.2 acre holding stretching from Hanover
Square through to New Bond Street, and add a total of 28 linear meters of
frontage to Tenterden Street to the north and New Bond Street to the west, as
shown on the attached map. (Please cut and paste the below link into your web
browser to see the attachment:
http://www.rns-pdf.londonstockexchange.com/rns/5079r_-2007-2-19.pdf )
Both buildings are predominantly office properties totaling 21,600 sq ft and are
multi-let at an average office rent of £37 per sq ft, generating a current
rental income of £920,000 per annum.
The building sold, 95 New Cavendish Street, is an office property comprising
20,500 sq ft and, following a refurbishment in 2004, is fully let producing
£650,000 per annum, equating to an average office rent of £32 per sq ft with the
next rent review in 2014.
Robert Noel, Property Director of GPE said: 'Over the past 6 months we have
pieced together an important and considerable site on Hanover Square, New Bond
Street and Tenterden Street which now extends to 1.3 acres. These two purchases
add to the potential of the site by providing further street frontage and
increasing the development options available to us'.
Contacts:
Great Portland Estates plc
Toby Courtauld Chief Executive 020 7647 3042
Rob Noel Property Director 020 7647 3043
Finsbury
James Murgatroyd 020 7251 3801
Gordon Simpson 020 7251 3801
This information is provided by RNS
The company news service from the London Stock Exchange
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