19th Sep 2006 07:00
Great Portland Estates PLC19 September 2006 19 September 2006 Great Portland announces £1.2m of lettings in Sackville Street, W1 Great Portland Estates plc ("GPE") announces it has let all four office floorscomprising 14,200 sq ft at its newly refurbished 21 Sackville Street, London W1at an aggregate rent of £1.2 million per annum (equivalent to £80 per sq ft). The new tenants are US fund manager Cohen and Steers, Icelandic investment bankStraumur-Burdaras and investment management group Wolf Asset Management. Allleases are for 10 years with rent free periods of between six and twelve months. GPE acquired the building from Austin Reed Group Plc ("Austin Reed") in January2004 at which time Austin Reed took a short term lease back on the office spaceas well as a lease on the ground floor retail element (4,400 sq ft) for a termof 25 years at a rent of £0.16 million per annum. The fifth floor comprises2,600 sq ft of residential space. In addition to Sackville Street, GPE will be completing two other refurbishmentsthis month at Bond Street House, Clifford Street, W1 and 70 Gray's Inn Road,WC1. Within the next four months a further 142,000 sq ft is scheduled forcompletion in the West End at 180 Great Portland Street, Elsley House, Great Titchfield Street and Kent House, Market Place. Neil Thompson, Development Director of GPE said, "To have all four floors atSackville Street let on clear 10 year leases within 16 weeks of completing thescheme is testament to both the quality of the refurbishment and the strength ofthe West End market into which we are set to deliver more space over the nextfew months". Contacts: Great Portland Estates plcNeil Thompson Development Director 020 7647 3029Robert Noel Property Director 020 7647 3043 FinsburyJames Murgatroyd 020 7251 3801Gordon Simpson This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
GPOR.L