British Land has entered into an agreement with The Portman Estate to purchase and redevelop Marble Arch House, W1. On receipt of vacant possession, British Land will pay £18 mln (EUR 21.6 mln) for the development site.
British Land has entered into an agreement with The Portman Estate to purchase and redevelop Marble Arch House, W1. On receipt of vacant possession, British Land will pay £18 mln (EUR 21.6 mln) for the development site.
The deals is a further boost to British Land’s significant central London office development programme. These developments, which will deliver 2.2 million sq ft (204,386 m2) of high-quality space in London by 2014, include a new 700,000 sq ft building for UBS at Broadgate; the 610,000 sq ft Leadenhall Building in London’s insurance district; and the 500,000 sq ft NEQ building, which will complete the Regent’s Place estate in the West End. The aggregate development cost, including land and interest is expected to be £1.6 bn, of which British Land’s share is £1.1 bn.
Commenting on the acquisition, Tim Roberts, Head of Offices at British Land said, ' We are pleased to have secured yet another great development opportunity on The Portman Estate. Marble Arch House will offer high quality accommodation at a time when supply will be limited in a West End location which is being regenerated.'
The new development, designed by Bennett’s Associates Architects, is due to achieve a BREEAM excellent environmental rating. The total cost of development (excluding land and interest) is put at around £40 mln.
Completion is scheduled for mid-2013.
