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| Great Portland enters West End development arrangement Great Portland Estates, the London property investor, announced the acquisition of two West End developments and the formation of a profit share and debt structuring arrangement with Eurohypo to develop the properties. GPE has acquired the SPV entities which own Marcol House, 289-295 Regent Street and 23/24 Newman Street, W1 from Istithmar World PJSC for £10 million upfront and a share of potential future profits. Marcol House is a Grade II listed, office and retail development site with planning consent for 111,548 square feet, located on the corner of Regent Street and Margaret Street, 150 metres to the north of Oxford Circus. Newman Street is an existing office building of 25,200 square feet with planning consent for conversion to 22 residential apartments (16 for private sale and 6 affordable units) and provides the residential planning requirements for the Marcol House site. Marcol House is scheduled to complete by the summer 2012, with Newman Street 12 months earlier. Both buildings have existing tenants, providing an initial income of £405,750 per annum, some of whom will vacate prior to the start of the development. write your comments about the article :: © 2009 Construction News :: home page |