Market News

Great Portland Estates joint venture buys back Bond Street station land

31/10/2018 07:29

(Sharecast News) - Great Portland Estates announced on Wednesday that one of its joint ventures, the GHS Limited Partnership, has completed the land buy back from Transport for London at its Hanover Square development. The FTSE 250 property firm said that, following completion of the Elizabeth line's new ticket hall structure at Bond Street East station, GHS had acquired the site through the grant of two new 150-year leases, and entered into a development agreement with TfL to enable completion of the construction of the over-station development at 18 Hanover Square, anticipated in the third quarter of 2020. It said the overall Hanover Square development was a substantial, 1.3 acre, mixed-use scheme. A nine storey building was the main feature, incorporating the eastern entrance to the Elizabeth line Bond Street station, to be known as 18 Hanover Square. That building would include 127,600 square feet of offices and 2,300 square feet of retail, with 47% of the office space already pre-let to international investment firm Kohlberg Kravis Roberts (KKR). A separate building would be constructed on New Bond Street, containing 31,300 square feet of new prime retail units and 33,300 square feet of offices above. Six residential units totalling 12,200 square feet would be erected at the junction of New Bond Street and Brook Street, and 8,300 square feet of restaurant space and 6,300 square feet of offices would be provided in the Grade II-listed 20 Hanover Square. "This is a key milestone for us," said Great Portland's development director Andrew White. "We have worked closely with the TfL and Crossrail teams to enable elements of the site to be handed back to us in phases which allowed us to commence our enabling works over the past 16 months and the main construction works earlier this year. "The buyback of the remaining land allows us to commence construction of the final element of the over station development and makes our previously announced pre-letting to KKR unconditional."

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