RNS No 7845e
QUINTAIN ESTATES & DEVELOPMENT PLC
26th October 1998

             QUINTAIN CONSOLIDATES OXFORD STREET HOLDINGS

Quintain Estates & Development plc ("Quintain") announces that it has 
consolidated its holdings in a substantial prime landmark island site on 
London's Oxford Street, close to Marble Arch, through the creation and 
subsequent purchase of a further leasehold interest in the retail element 
of the property. This completes the conversion of Quintain's existing 
short leasehold interest into a long lease to 2110.

Following negotiations with Thistle Hotels Plc, owners of the Mount Royal 
Hotel which occupies the upper levels of the building, Quintain has 
acquired 100% of a long leasehold interest in the 83,000 sq ft of 
retailing occupying the block's ground and basement levels. 

The lease, which runs from 2012 to 2110, has been acquired for #10m cash. 
In addition Quintain has surrendered its right to collect rent from the 
hotel for nine years from 2012. The property is an island site bounded by 
Oxford Street, Portman Street, Bryanston Street and Old Quebec Street.

The shops are currently let to Marks & Spencer (the former Littlewoods 
unit), Wallis, Gullivers, Next, Arcadia (Evans), Whitbread and 
Salisbury's. Quintain currently receives only #373,100 a year in rental 
income from the Evans unit and the City of Quebec pub (Whitbread) although 
this is expected to rise next year following a rent review of the Evans 
store. Marks & Spencer is presently fitting out the 52,600 sq ft former 
Littlewoods unit as part of the retailer's recently announced men's wear 
expansion.

Quintain believes the current ERV of the site's retailing element, with 
a 500 ft Oxford Street frontage, is approximately #6m a year with ITZA's 
ranging from #260 to #330 a sq ft. Under the terms of the lease Quintain 
will be obliged to pay the freeholder, The Portman Estate, an annual rent 
equivalent to 25% of the ERV from 2021 onwards.

At the time of Quintain's results for the 12 months to 31st March 1998 
the company stated that the initial restructuring of its interests in the 
property resulted in an uplift in values from #8.9m to #17.5m. This gain 
was achieved without further capital payments.

The company originally acquired its reversionary interests in the property 
in May 1995 at a cost of #7.2m. These reversionary interests comprised a 
series of inter-linked leases entitling Quintain to collect rents on the 
entire block, including the hotel, for nine years from 2012.

Contact:  Quintain Estates & Development plc.     Tel: 0171-495 8968
            Adrian Wyatt, Chief Executive

          Baron Phillips Associates.              Tel: 0171-224 1302
            Baron Phillips

END


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