Great Portland Estates PLC GHS secures pre-letting at Hanover Square (0802S)
March 07 2019 - 2:00AM
UK Regulatory
TIDMGPOR
RNS Number : 0802S
Great Portland Estates PLC
07 March 2019
7 March 2019
GHS secures a substantial pre-letting at Hanover Square
development
The GHS Limited Partnership ("GHS"), one of Great Portland
Estates plc's ("GPE") joint ventures, announces that it has pre-let
53,900 sq ft of office space at its Hanover Square, W1 development
to Glencore UK Limited ("Glencore") the global natural resource
company.
Glencore will occupy the second to fourth floors of 18 Hanover
Square on three separate twenty year leases (without break). This
transaction follows the pre-let last year of 57,200 sq ft on the
fifth to eighth floors to Kohlberg Kravis Roberts & Co.
Partners LLP on fifteen year leases and leaves only the first floor
available (16,500 sq ft).
18 Hanover Square is a new nine storey building incorporating
the eastern entrance to the Elizabeth Line's Bond Street station
and is part of the 1.3 acre, mixed-use development that also
comprises:
-- a separate building (1 Medici Courtyard) containing 33,300 sq
ft of offices above 31,300 sq ft of new flagship retail units on
New Bond Street;
-- six residential units totalling 12,200 sq ft at the junction
of New Bond Street and Brook Street; and
-- 8,300 sq ft of restaurant space and 6,300 sq ft of offices in
the Grade II listed 20 Hanover Square.
Toby Courtauld, GPE's Chief Executive commented, "This has been
a rare opportunity to create a world-class development, on a
premier garden square, in the heart of Mayfair. We have been
delighted by the strong occupier interest, and to have attracted
both Glencore and KKR to 18 Hanover Square is a testament to its
quality.
To date we have secured 41% of the overall gross development
value of the scheme, 18 months ahead of practical completion, and
we are encouraged by further leasing discussions ongoing on much of
the remaining space."
Contacts:
Great Portland Estates plc
Toby Courtauld, Chief Executive +44(0)2076473042
Marc Wilder, Leasing Director +44(0)2076473040
Finsbury Group
James Murgatroyd +44(0)2072513801
Gordon Simpson +44(0)2072513801
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END
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