4th Mar 2015 07:58
LONDON (Alliance News) - Great Portland Estates PLC on Wednesday said it has struck a pre-let deal for its flagship Oxford Street development.
The FTSE 250-listed property company said it has signed a deal with fashion retailer New Look Retailers Ltd to pre-let the 73/89 Oxford Street site.
The development is expected to complete in April 2017, after which New Look will occupy 31,800 square foot of space in the building on a 20-year lease, paying rent of GBP3.65 million per year.
"We are delighted to have secured New Look for our latest development at 73/89 Oxford Street, W1. We are creating a world class flagship store for them in this outstanding building, in an increasingly exciting part of Oxford Street. The terms reflect the strong retail prospects in this part of Oxford Street and are positive for GPE's ongoing and future developments," said Chief Executive Toby Courtauld.
By Sam Unsted; [email protected]; @SamUAtAlliance
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