Great Portland Estates PLC GHS secures substantial pre-let of Hanover Square (6963L)
23 April 2018 - 4:00PM
UK Regulatory
TIDMGPOR
RNS Number : 6963L
Great Portland Estates PLC
23 April 2018
23 April 2018
GHS secures a substantial pre-letting and commits to Hanover
Square development
The GHS Limited Partnership ("GHS"), one of Great Portland
Estates plc's ("GPE") joint ventures, announces that it has pre-let
57,200 sq ft of office space at its Hanover Square, W1 development
to international investment firm Kohlberg Kravis Roberts & Co.
Partners LLP ("KKR").
KKR will occupy the fifth to eighth floors of 18/19 Hanover
Square on fifteen year leases (without break) with an option to
hand back half of the fifth floor (8,300 sq ft) expiring on 1 March
2019.
Following this pre-letting, GHS has committed to the
construction of this substantial, 1.3 acre, mixed-use scheme, which
will comprise:
-- a new nine storey building incorporating the eastern entrance
to the Elizabeth Line's Bond Street station, to be known as 18/19
Hanover Square. This will include 127,600 sq ft of offices and
2,300 sq ft of retail space. GHS has an obligation to purchase this
element of the site from Transport for London, on a new 150 year
lease, upon completion of the new ticket hall structure which is
expected in June 2018;
-- a separate building on New Bond Street containing 31,300 sq
ft of new prime retail units and 33,300 sq ft of offices above;
-- six residential units totalling 12,200 sq ft at the junction
of New Bond Street and Brook Street; and
-- 8,300 sq ft of restaurant space and 6,300 sq ft of offices in
the Grade II listed 20 Hanover Square.
Toby Courtauld, GPE Chief Executive commented, "This is a very
exciting milestone for us. Since completing the site assembly in
2008, we have worked closely with Crossrail and Westminster to
masterplan the site around the proposed station to create a
world-class scheme, on a premier garden square, in the heart of
Mayfair.
The pre-letting to KKR is a strong endorsement of the quality of
the scheme, securing 21% of the overall gross development value,
and is the largest letting in Mayfair for over 10 years. We are
delighted to welcome KKR to our portfolio and look forward to
working with them to create their new London headquarters in this
exciting development."
Contacts:
Great Portland Estates plc
Toby Courtauld, Chief Executive +44 (0) 20 7647 3042
Andrew White, Development Director +44 (0) 20 7647 3090
Marc Wilder, Leasing Director +44 (0) 20 7647 3040
Finsbury Group
James Murgatroyd +44 (0) 20 7251 3801
Gordon Simpson +44 (0) 20 7251 3801
This information is provided by RNS
The company news service from the London Stock Exchange
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