Construction is advancing well at Hanover Square, reports great Portland Estates.
The retail units are complete and the sectional completion of the offices from August 2020 is on track with full practical completion expected in November 2020.
The scheme will deliver 221,100 sq ft of new space, comprising 167,100 sq ft of offices, 41,800 sq ft of retail and restaurant space and 12,200 sq ft of residential apartments. Interest in the remaining office space continues to be strong.
Great Portland Estates currently has 32,900 sq ft of office space under offer at 1 Medici Courtyard.
The scheme is now 66.5% pre-let or under offer with only 22,800 sq ft of offices available on the first floor of 18 Hanover Square and in the Grade II listed 20 Hanover Square.
Interest in the remaining retail units (36,800 sq ft) is expected to be subdued until retail activity and footfall return to more normalised levels.
The developer remains optimistic on their leasing prospects given the units are located on one of the world’s premier retail streets, with attractive relative pricing and a unit sizing that is appropriate to their target market.
12/07/2020 11:54 by Buildington
The first retail unit has now been handed over to the occupier. A further 14.6% is under offer, with the scheme now expected to complete by October 2020. The development is 52% pre-let.
22/05/2020 10:01 by Buildington
Construction at Hanover Square is advancing well and Great Portland Estates is on track to handover the first retail unit to Canali next month.
The scheme will deliver 221,100 sq ft of new space, comprising 167,100 sq ft of offices, 41,800 sq ft of retail and restaurant space and 12,200 sq ft of residential apartments.
Following the pre-let of 111,400 sq ft of offices in 18 Hanover Square to KKR and Glencore, interest in the remaining 55,700 sq ft of office space across the scheme continues to be strong.
GPE remains positive on the letting prospects for the remaining six retail units given their location on one of the world’s premier retail streets, their relative pricing and unit sizing.
In total, the scheme is now 53% let and, when complete in Q3 2020, it is expected to deliver a profit on cost of 22.0%.
Source: Great Portland Estates plc Trading update for the quarter to 31 December 2019.
15/02/2020 13:18 by Buildington
Construction is advancing well with the exterior of the building largely complete, reports Great Portland Estate in the results for the six months ended 30 September 2019.
Following the pre-let of 111,400 sq ft of offices in 18 Hanover Square to KKR and Glencore, interest in the remaining 55,700 sq ft of office space across the scheme continues to be strong. Furthermore, following the recent launch of the marketing for the New Bond Street retail space, the 5,000 sq ft corner unit was let to Canali at rents ahead of the March 2019 ERV, with encouraging interest in the remaining space.
In total, the scheme is now 53% let and, when complete in Q3 2020, it is expected to deliver a profit on cost of 21.9%.
15/11/2019 22:48 by Buildington
The delayed opening of Crossrail has been beneficial to operations on site preventing the need to construct the building over a fully operational station, reports Great Portland Estates (GPE) in the results for the year ended 31 March 2019.
The steel frame is complete, the majority of the modular cladding has been applied.
Only the first floor in the main office building in the development is available and the scheme is now 48% pre-let with £12.8 million of rent secured.
GPE has commenced the marketing campaign for the Bond Street retail and the remaining office space. The project is expected to deliver a profit on cost of 20.9%. The development is owned in the GHS Partnership, our 50:50 joint venture with the Hong Kong Monetary Authority, with completion expected in Q3 2020.
22/05/2019 17:39 by Buildington
The topping out ceremony for 18 Hanover Square was held on Thursday 4 April 2019, marking the structure of the project reaching its highest point at nine storeys.
The ceremony was attended by Toby Courtauld, Chief Executive of Great Portland Estates, and Mark Reynolds, Mace’s Chief Executive, as well as senior representatives from Transport for London (TfL), Crossrail Ltd, Westminster City Council, New West End Company and the wider Hanover Square project team.
Toby Courtauld, Chief Executive of Great Portland Estates, commented:
“This ceremony marks a significant milestone in the construction of the Hanover Square Estate. With Europe’s largest infrastructure project directly underneath us, and operating on a constrained construction site in Mayfair, this project was always going to face challenges. I am very proud of the collaborative working we have seen from our construction team and external stakeholders.”
Mark Reynolds, Chief Executive of Mace, added:
“When complete, Hanover Square will deliver some of London’s most enviable offices, retail and private residences. I’m honoured to be here today to mark such a significant step forward for the project. Great Portland Estates are one of the best developers operating in the UK, and we’re thrilled to have built such a close relationship with them through the delivery of three major London landmarks.”
05/04/2019 15:03 by Buildington
The GHS Limited Partnership has pre-let 53,900 sq ft of office space in the Hanover Square development to Glencore UK Limited, the global natural resource company.
Glencore will take the second to fourth floors of 18 Hanover Square on three separate twenty-year leases (without break).
57,200 sq ft on the fifth to eighth floors was let to Kohlberg Kravis Roberts & Co. Partners LLP last year on fifteen-year leases.
Only the first floor is now available (16,500 sq ft) at Hanover Square.
Toby Courtauld, Chief Executive of Great Portland Estates, commented: "This has been a rare opportunity to create a world-class development, on a premier garden square, in the heart of Mayfair. We have been delighted by the strong occupier interest, and to have attracted both Glencore and KKR to 18 Hanover Square is a testament to its quality. To date we have secured 41% of the overall gross development value of the scheme, 18 months ahead of practical completion, and we are encouraged by further leasing discussions ongoing on much of the remaining space."
07/03/2019 08:59 by Buildington
The GHS Limited Partnership, one of Great Portland Estates plc’s joint ventures, announces that it has completed the land buy back from Transport for London at its Hanover Square development.
Following completion of the Elizabeth line’s new ticket hall structure at the Bond Street East station, GHS has acquired the site through the grant of two new 150 year leases and entered into a Development Agreement with TfL to enable completion of the construction of the over station development at 18 Hanover Square, anticipated in Q3 2020.
Andrew White, Development Director at GPE, commented: "This is a key milestone for us. We have worked closely with the TfL and Crossrail teams to enable elements of the site to be handed back to us in phases which allowed us to commence our enabling works over the past 16 months and the main construction works earlier this year. The buyback of the remaining land allows us to commence construction of the final element of the over station development and makes our previously announced pre-letting to KKR unconditional. We look forward to continue working with KKR, Westminster and other key stakeholders as we deliver this world-class scheme, on a premier garden square, in the heart of Mayfair."
31/10/2018 19:25 by Buildington
Great Portland Estates has commenced the formal process to purchase the element of the site that sits directly over the Crossrail station and expects this to complete during the summer.
Hanover Square is currently 25.8% pre-let.
Following the pre-let of 57,200 sq ft of offices in the over station office building to KKR in March, early leasing interest is encouraging.
GPE will launch the marketing campaign for the Bond Street retail over the coming months with the remaining offices and retail space launched later in the year.
Source: Great Portland Estates trading update for the quarter to 30 June 2018.
05/07/2018 14:09 by Buildington
The GHS Limited Partnership has pre-let 57,200 sq ft of office space at its Hanover Square development to international investment firm Kohlberg Kravis Roberts & Co. Partners LLP.
Kohlberg Kravis Roberts & Co. Partners will occupy the 5th to 8th floors of 18/19 Hanover Square on 15-year leases (without break) with an option to hand back half of the fifth floor (8,300 sq ft) expiring on 1 March 2019.
Following this pre-letting, GHS has committed to the construction of this substantial, 1.3 acre, mixed-use scheme, which will comprise:
A new nine-storey building incorporating the eastern entrance to the Elizabeth Line’s Bond Street station, to be known as 18/19 Hanover Square. This will include 127,600 sq ft of offices and 2,300 sq ft of retail space. GHS has an obligation to purchase this element of the site from Transport for London, on a new 150-year lease, upon completion of the new ticket hall structure which is expected in June 2018;
a separate building on New Bond Street containing 31,300 sq ft of new prime retail units and 33,300 sq ft of offices above;
six residential units totalling 12,200 sq ft at the junction of New Bond Street and Brook Street; and
8,300 sq ft of restaurant space and 6,300 sq ft of offices in the Grade II listed 20 Hanover Square.
Toby Courtauld, Chief Executive of Great Portland Estates, commented: "This is a very exciting milestone for us. Since completing the site assembly in 2008, we have worked closely with Crossrail and Westminster to masterplan the site around the proposed station to create a world-class scheme, on a premier garden square, in the heart of Mayfair. The pre-letting to KKR is a strong endorsement of the quality of the scheme, securing 21% of the overall gross development value, and is the largest letting in Mayfair for over 10 years. We are delighted to welcome KKR to our portfolio and look forward to working with them to create their new London headquarters in this exciting development."
23/04/2018 19:46 by Buildington
Great Portland Estates plc (“GPE”) has demolished the buildings facing New Bond Street on the western side of the site.
These limited works give GPE the option, should the market be supportive, to accelerate the construction programme for
the wider scheme ahead of delivery of the station structure by Crossrail in 2018.
Source: Great Portland Estates plc results for the year to 31 March 2017 24.05.2017 gpe.co.uk.
24/05/2017 11:43 by Buildington
The demolition of the New Bond Street buildings at Hanover Square is now complete, reports Great Portland Estate.
Negotiations with Crossrail are ongoing to allow further access to the site, such that should market conditions be supportive, GPE can commence elements of the construction ahead of completion of the station structure by Crossrail in 2018.
Source: Great Portland Estates Trading Update for the quarter to 31 December 2016 www.gpe.co.uk
26/01/2017 12:30 by Buildington
Great Portland Estates is currently demolishing the buildings at Hanover Square facing New Bond Street on the western
side of the site. These limited works will give the option, should the market be supportive, to accelerate the construction programme for the wider scheme ahead of delivery of the station structure by Crossrail in 2018.
The development is owned in the GHS Partnership, the 50:50 joint venture with the Hong Kong Monetary Authority.
Source: Great Portland Estates plc half year results, six months ended 30 September 2016 www.gpe.co.uk
18/11/2016 16:54 by Buildington
Developer Great Portland Estates (GPE) coninues to work with Westminster at Hanover Square to further improve the 223,600 sq ft prime mixed-use development by pedestrianising the western side of the square and enhancing the public realm.
GPE hopes to submit a highways application for the improvements later this summer.
Source: Great Portland Estates trading update for the quarter to 30 June 2015.
08/07/2015 17:23 by Buildington
GPE has obtained a revised resolution to grant planning for the mixed-use development scheme at Hanover Square, which will now deliver 223,600 sq ft of space and enhanced urban realm. The development scheme is owned in 50:50 joint venture with the Hong Kong Monetary Authority with a potential start upon delivery of the station structure by Crossrail.
Source: GPE Annual Results 2015 www.gpe.co.uk
22/05/2015 10:43 by Buildington
Great Portland Estates plc (“GPE”) has formed a new 50/50 joint venture, the GHS Limited Partnership ("GHS"), with the Hong Kong Monetary Authority ("HKMA") to own and develop the Hanover Square Estate in the heart of London's West End.
GPE has transferred properties forming part of the Hanover Square Estate to GHS for £202.0 million and the Partners intend to develop the site in accordance with an existing planning permission for Grade A office, retail and residential accommodation with a target delivery date of 2018. Part of the site is owned by Crossrail who are developing the eastern ticket hall of the Bond Street Crossrail station. GHS has the benefit of an agreement to acquire long-leasehold interests in this element of the site once Crossrail has completed construction of the station structure, currently anticipated to be during 2016.
GPE was granted planning permission in 2011 for a 208,000 sq. ft. redevelopment incorporating the new Crossrail station. Once completed, the scheme will provide 163,500 sq. ft. of Grade A office accommodation across three buildings, the majority of which will be in a new Grade A building above the Crossrail station, fronting Hanover Square. In addition, the development will deliver 32,700 sq. ft. of prime retail and restaurant space predominately fronting New Bond Street and 6 residential units totalling 11,800 sq. ft. at the junction of New Bond Street and Brook Street. The entire development has been planned around a large new public piazza, accessible from New Bond Street, Hanover Square, Brook Street and Tenterden Street.
The site was assembled by GPE in a series of acquisitions between mid-2006 and mid-2007. Following site assembly, GPE worked closely with Crossrail and Westminster to enhance the potential of the site, the station and the public realm and, in March 2011, signed a revised agreement with Crossrail to this effect and subsequently secured planning permission.
The sale will result in a small increase to the group’s most recently published NAV per share. GPE will act as both asset and development manager to GHS.
Toby Courtauld, GPE Chief Executive commented “Our Hanover Square holdings represent one of the most exciting development opportunities in the West End and our partnering with an organisation of the calibre of HKMA is a strong endorsement of this project’s potential. We look forward to working with the HKMA team to deliver this world class development.”
Source: Great Portland Estates www.gpe.co.uk 7. November 2013
07/11/2013 11:13 by Buildington
Great Portland Estates plc (“GPE”) has received resolution to grant planning permission from Westminster City Council (“WCC”) for its proposed 205,000 sq. ft. development at Hanover Square, in the West End.
Designed by leading London architects Lifschutz Davidson Sandilands, the proposed scheme is a comprehensive Masterplan for GPE’s 1.3 acre site bounded by Hanover Square, Tenterden Street, New Bond Street and Brook Street in Mayfair. The development will be carried out around the Eastern ticket hall of the Bond Street Crossrail station on the North-West corner of Hanover Square. GPE’s proposals for the area will provide two new buildings, and the refurbishment of the Grade II* listed Georgian building at 20 Hanover Square. The buildings will include high quality offices, international standard retail space on New Bond Street and six residential apartments on Brook Street.
Importantly GPE will also provide a new public Square as part of the proposals including new pedestrian links between New Bond Street, Brook Street and Oxford Street, to the north of the site. The existing buildings on the site will be demolished over the next two years to make way for the new development.
Neil Thompson, GPE Portfolio Director, said; “We are delighted to have received support from WCC for this unique scheme. Working closely with the WCC Planners and our development partners at Crossrail, we have secured an opportunity to deliver world class retail and office space around a new public square, and with exceptional transport links, all in the heart of the West End.”
Source: gpe.co.uk 24.05.2011
12/06/2011 20:05 by Buildington