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Great Portland buys property
What's Happening in & around Hanover Square, London W1
Great Portland Estates buys in Hanover Square
Great Portland Estates plc ("GPE") announced it has purchased 18 & 19
Hanover Square, London W1, for £57.6 million from Hammerson Plc.
18 & 19 Hanover Square comprise two retail and office buildings totalling
70,000 sq ft, one freehold, one leasehold, fully let to Lend Lease Europe Ltd,
Avanta Management Services Ltd and Dolce & Gabbana UK Ltd at average rents of
£45 per sq ft. 93% of the £3.0 million p.a. total net rent is from the office
tenants and the weighted average unexpired lease term is 7.3 years. The purchase
provides GPE with a net yield of 5.2% following expiry of rent free periods. | |
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