Rathbone Square
18/02/2017 by Buildington

John Heaver, director in the Central London team at Savills, comments the recent sale of Rathbone Square development:

“As London continues to perform as arguably the pre-eminent commercial investment market in the world, Rathbone Square is a trophy asset and a significant estate in the city’s real estate jigsaw which will benefit significantly from its close proximity to CrossRail."

Deka Immobilien Investment and WestInvest Gesellschaft Für Investmentfonds joint offshore entity, Rathbone Place Jersey, acquired the freehold of Rathbone Square from Great Portland Estates for £435 million this month.

The 419,700 sq ft mixed used development is currently under construction with phased practical completion expected from late March 2017.

All of the office space is pre-let to Facebook on a 15-year lease at an initial annual rent of £17.8 million.

More than half of the 25,200 sq ft of retail space in the scheme is under offer.

139 of the 142 private residential units have already been exchanged for sale (on 999 year leases).

Savills act jointly for Deka in the UK and Ireland.

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