Great Portland Estates beefs up at east end of Oxford St

Posted by: Victor Pardis on 4th September 2013
GPE and Land Securities have entered into new rights of light and rights of way arrangements between GPE’s development at 73/89 Oxford Street, W1 (directly opposite Oxford House on the south side of Oxford Street), and Land Securities’ adjoining property at 7 Soho Square, W1. The combined price for these two transactions is reported at £91.50m.

Earlier this year, Land Securities submitted a planning application to extend the existing property and convert the upper floors to 89 private residential apartments with a reconfiguration of the existing ground and basement accommodation to incorporate retail on the first floor. The proposed scheme totals 114,700 sq ft.

Oxford House is an11-storey office and retail building, fully let with three office tenants and five retail tenants.

Chief Executive of GPE, Toby Courtauld said, “Oxford House is an important West End asset to add to our medium term development pipeline and in the near term, this well located building gives us opportunities to work the income, off low rents, through refurbishment.  

“Longer term, redevelopment will contribute towards the regeneration of the East End of Oxford Street, one of London's most exciting submarkets and one which is set to benefit from the opening of Crossrail. In addition, obtaining the necessary rights for our 73/89 Oxford Street development brings this project closer to fruition ahead of the planning committee meeting in August 2013.”

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