25th Sep 2006 07:01
Great Portland Estates PLC25 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 withLiverpool Victoria Friendly Society, The Great Victoria Partnership ("GVP"), hasagreed to let both retail units in the initial phase of its retail developmentat 208-222 Regent Street acquired from retailer Liberty last year. Listed Building consent was received in July for phase I of the developmentwhich will see the former Liberty store divided into two flagship stores.Construction work has started with completion scheduled for December. A ListedBuilding 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 theground and first floor for a 15 year term. The average rent over the first fiveyears 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 hasbeen agreed. Spanish retailer Desigual will take a 10,100 sq ft store on ground and basementfloors 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 interms 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 anew Oxford Street flagship store of 10,200 sq ft at a rent of £0.9 million perannum, 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 ofLiberty's lease in Regent Street at the end of March and to have let thereconfigured stores to new market entrants already is testament to the demandfor quality units on this resurgent street. We are also very pleased to havesecured Mothercare in Oxford Street at a rent ahead of our target for this partof the street proving the popularity of well configured stores in the West End". Contacts: Great Portland Estates plc Toby Courtauld Chief Executive 020 7647 3042Robert Noel Property Director 020 7647 3043 Finsbury James Murgatroyd 020 7251 3801Gordon Simpson This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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