30th Aug 2005 07:03
Hammerson PLC30 August 2005 Immediate release - Tuesday, 30 August 2005 Hammerson Head Office Relocation to 10 Grosvenor Street Hammerson plc will be relocating its UK headquarters to 10 Grosvenor Street,London W1, from its current location at 100 Park Lane, London W1. 10 Grosvenor Street, which comprises 5,900 m(2) (63,500 ft(2)) of office andretail space, was developed by The Grosvenor Street Limited Partnership, a 50:50joint venture between Hammerson plc and Grosvenor. Hammerson has signed a leasewith the Partnership for 3,960 m(2) (42,600 ft(2)) of office accommodation onthe lower ground, ground and first to third floors of the six storey building,at an average rent of £679 per m(2) (£63.10 per ft(2)), following an averagerent free period of 16 months. The lease term is 15 years with a tenant's breakoption on the tenth anniversary. Following the signing of this lease, the office space at 10 Grosvenor Street isfully let. It is anticipated that Hammerson will take occupation of the buildingin summer 2006. Hammerson initially plans to sublet 1,040 m(2) (11,200 ft(2)) ofspace on the third floor. Hammerson currently occupies 100 Park Lane under a lease from Grosvenor, whichowns the freehold. The parties have agreed to dispose of a long leaseholdinterest in 100 Park Lane, for which consent has been granted for either a majorrefurbishment as offices or for residential use. Under the terms of thisagreement, Hammerson will receive around 40% of the sales proceeds. Savills, theleading international property services group, has been instructed to market thebuilding on behalf of the joint vendors. John Richards, Chief Executive of Hammerson plc, said: " Hammerson has shown substantial growth in the last few years and 100 ParkLane, which the group has occupied since 1970, no longer meets the group'srequirements. 10 Grosvenor Street will provide Hammerson with modern, efficientoffice accommodation and the flexibility to expand in the future. The move alsoenables us to work with Grosvenor to unlock the value of 100 Park Lane." Associated British Foods plc occupies 1,410 m(2) (15,150 ft(2)) of space on thetop two floors of 10 Grosvenor Street. For further information: John Richards, Chief Executive, Hammerson plc Tel: 020 7887 1000 Chris Smith, Director of Corporate Affairs, Hammerson plc Tel: 020 7887 1019 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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