4th Oct 2006 07:00
Great Portland Estates PLC04 October 2006 4 October 2006 Great Portland secures Regent Street letting treble Great Portland Estates plc ("GPE") announces its 50:50 joint venture withLiverpool Victoria Friendly Society, The Great Victoria Partnership, has agreedto let Phase II of its retail development at 208-222 Regent Street, London W1 toGap. Gap is the third major international retail letting at the development on thisresurgent street. Last month GPE announced the letting of both units totalling17,300 sq ft in Phase I . Phase II will comprise a 10,000 sq ft store on threefloors. Construction is due to start in February next year and the store will behanded over to Gap in May. Listed Building consent has been applied for. Gap, which currently occupies part of the site on a lease which expires in Maynext year, will surrender its existing lease and take a new 15 year lease on theenlarged store with an option to break at year 10. The initial rent will be £1.1million p.a. with a minimum uplift at the 5th year to £1.21 million p.a. Aninitial rent free period of 24 weeks has been agreed. These lettings at Regent Street follow a period of continued high activity forthe company. In September GPE announced that it had purchased 38,300 sq ft inBermondsey, SE1, for £8.1 million, and that it had also submitted a planningapplication for a 188,000 sq ft development at Blackfriars Road, SE1. In AugustGPE announced that it had purchased 18 & 19 Hanover Square, W1, for £57.6million from Hammerson Plc, and in July it announced the formation of a jointventure with Scottish Widows to own and develop two further central Londonproperties. The joint venture had gross assets of £126.2 million at inception. Robert Noel, Property Director of GPE, said: "We are very pleased to have agreedthis new lease with Gap so soon after letting both units in Phase I. Itcompletes the line up for this project, acquired in April last year, and bringsthe total rent achieved in new lettings by us on Regent Street, Oxford Streetand Bond Street this year to over £4 million". Contacts: Great Portland Estates plcToby Courtauld Chief Executive 020 7647 3042Robert 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:
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