Italian restaurant group Big Mamma is coming to Rathbone Square, reports Hanover Green.
Big Mamma joins Joe & The Juice, Digme, Crosstown Doughnuts, Adam Grooming Atelier and Omotesando Koffee at Rathbone Square.
30/01/2019 19:58 by Buildington
New photos of Facebook offices and the courtyard at Rathbone Square!
23/05/2018 10:17 by Buildington
Viewings of the Affordable Homes at Rathbone Square are expected in May 2018.
Find out more from Homeownership Westminster at www.homeownershipwestminster.co.uk
28/04/2018 13:53 by Buildington
Rathbone Square development opened to the public on Monday 4th December 2017.
Ken Shuttleworth of Make commented: “We’re delighted that today the gates are open at Rathbone Square. It has been a fantastic scheme to collaborate on and to see succeed, with the majority of apartments selling off plan and of course the landmark letting to Facebook, who moved in today.
“The biggest achievement for us was the new, publically-accessible square, which has by all accounts made the biggest difference on the project, creating new links, giving the project a unique identity and delivering a new refuge from the retail hubbub of Oxford Street.
“It is a beautiful development with incredible detailing and materiality and we hope it becomes as well used and loved by Londoners as it has been enjoyed by us.”
08/12/2017 10:47 by Buildington
Development update from GPE
Having profitably forward sold the commercial element of Rathbone Square in February 2017, Great Portland Estates settled the overage due to the Royal Mail Group over the summer and more recently handed over the completed garden square to Deka.
The company expects to achieve practical completion of the 142 private residential units by the end of November 2017 and will commence handing over the 140 pre-sold apartments to the buyers early in the New Year, with the remaining 75% of the sale proceeds (approximately £196 million) expected to be collected by the end of the financial year. Whilst the entire Rathbone Square scheme in total delivered a whole life profit on cost in excess of 20%, the residential element is expected to deliver a small loss on cost of 1%.
Via Great Portland Estates plc results for the six months ended 30 September 2017 gpe.co.uk; published 15.11.2017.
15/11/2017 14:48 by Buildington
140 of the 142 private residential units are pre-sold at At Rathbone Square, says GPE in the quarterly update.
The company will commence handing over the apartments to the buyers shortly after completion with the remaining 75% of the sale proceeds expected to be collected by the end of the financial year.
04/10/2017 15:43 by Buildington
With the commercial element of Rathbone Square forward sold and the offices completed, GPE now focuses on delivering the 142 private residential units.
Whilst the residential element of the scheme made a small loss (based on land valuation at scheme commitment), it helped unlock a whole life surplus in excess of £110.0 million for the scheme as a whole.
Fit-out of the apartments is progressing well and GPE expects to achieve practical completion in September 2017.
GPE has forward sold 140 of the 142 units with 25% cash deposits already paid by the majority of buyers.
GPE expects to be able to start completing the sales and handing over the apartments to the buyers in stages shortly after completion, with the remaining 75% of the sales proceeds to be collected by the end of the year.
Source: Great Portland Estates plc results for the year to 31 March 2017 24.05.2017 gpe.co.uk.
24/05/2017 11:20 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.
18/02/2017 09:06 by Buildington
Great Portland Estates has sold the freehold of Rathbone Square to Rathbone Place Jersey Limited for £435.0 million.
Rathbone Place Jersey Limited is owned by WestInvest Gesellschaft Für Investmentfonds mbH and Deka Immobilien Investment GmbH (“Deka”).
The sale is expected to crystallise a whole-life capital return for GPE from the entire development project of approximately £110.0 million which is proposed to be returned to shareholders by way of a special dividend. The sale of this mature property and the proposed special dividend reflect GPE’s ongoing commitment to both capital allocation and balance sheet discipline, whilst also ensuring that GPE retains the significant financial flexibility created over recent years as it looks ahead to a continued period of market uncertainty.
The 419,700 sq. ft. mixed used development is currently under construction with phased practical completion (“PC”) expected from late March 2017.
The 242,800 sq. ft. of office space is pre-let to Facebook on 15-year leases (no breaks) at an initial annual rent of £17.8 million. 13,900 sq. ft. of the 25,200 sq. ft. of retail space is under offer and 139 of the 142 private residential units have already been exchanged for sale (on 999 year leases). The estimated rental value of the entire scheme (including residential ground rents) was £19.7 million at 30 September 2016. Following this transaction and the sale of the remaining residential units, total receipts from Rathbone Square are expected to be more than £655.0 million.
The headline price of £435.0 million is before deductions for Facebook tenant incentives (including a 30 month rent free period and a capital contribution of £12.3 million which will be paid by Deka) and maximum retail unit rent guarantees of £3.2 million, totalling £60.2 million, resulting in a net purchase price payable by Deka to GPE of £374.8 million (subject to final area measurement and settlement of the retail rental guarantees). The consideration comprises £368.3 million in respect of the freehold sale and £6.5 million for reimbursement of the development costs, under a development agreement, to complete the scheme. Deka has already paid £113.5 million with the balance of the purchase price payable in three instalments: Based on the current cost and programme, GPE will receive £211.9 million on completion of the Facebook leases in early April 2017; £30.8 million will be paid on PC of the retail units in late April 2017; and £16.6 million will be paid on PC of the residential units and central garden in the summer of 2017 with a further payment of £2.0 million twelve months thereafter. In the very unlikely event that the Facebook leases do not complete due to a limited set of circumstances1, Deka has the option to sell its purchasing entity back to GPE to restore the parties to their pre-sale positions. Separately, GPE retains the residual risk for completion of the sales of the private residential units, including the three currently available units.
Following receipt of the majority of the sales proceeds, the whole life surplus of approximately £110.0 million is proposed to be returned to shareholders. It is anticipated that this will be effected by way of a special dividend, which would be accompanied by a share consolidation (subject to shareholder approval, which is expected to be sought in April 2017). The balance of the proceeds will be retained to maintain GPE’s significant financial flexibility, which GPE expects to enhance further by extending its debt maturity profile through a proposed refinancing of existing private placement notes.
The sales price represents a discount of approximately 4% to the September 2016 valuation adjusted for subsequent capex (reducing NAV per share by c.5 pence) and the sale is expected to be broadly neutral to EPRA earnings for the current financial year. On receipt of all the sales proceeds from Deka, pro forma LTV will fall from 16.9%2 to 7.3% before rising to 10.7% on payment of the proposed capital return to shareholders. Based on the closing share price of 659 pence on 9 February 2017, the capital return (post the share consolidation) would increase EPRA NAV3 per share by c.8 pence. Further details on the impact of the sale and proposed return of capital are shown in the appendix.
Toby Courtauld, Chief Executive of GPE, commented, “Rathbone Square is our largest ever development scheme and this sale continues our successful strategy of recycling capital out of assets where we have created significant value. Having purchased the site in late 2011, obtained an attractive planning permission and commenced construction in early 2014, we pre-sold the vast majority of the residential units in summer 2014 and secured one of the largest ever lettings in the West End a year later. This sale is expected to crystallise a whole life capital return of 19.9% and an annualised unlevered IRR of 12.1%.
With pro forma LTV at only 7.3% following this sale, we are proposing to return to shareholders the equivalent of the crystallised whole life surplus. Post this return of capital, gearing remains low giving us ample capacity for further investment both within our extensive 1.7 million sq. ft. development pipeline and in new opportunities as we unearth them.”
GPE was advised on the sale and proposed capital return by CBRE, GM Real Estate, Nabarro, BofA Merrill Lynch, J.P. Morgan Cazenove and Lazard.
13/02/2017 07:12 by Buildington
Construction at the 419,700 sq ft mixed-use Rathbone Square development scheme is progressing well and on schedule to commence phased practical completion from late March 2017, reports Great Portland Estates.
With all of the 242,800 sq ft of office space pre-let to Facebook, the marketing campaign for the 25,200 sq ft of retail and restaurant space has been positively received and we currently have 11,800 sq ft under offer.
The residential sales programme continues with only three penthouses of the 142 private units remaining available.
Source: Great Portland Estates Trading Update for the quarter to 31 December 2016 www.gpe.co.uk
26/01/2017 11:46 by Buildington
Twenty 1-bedroom apartments are marketed at a discount for people living or working in Westminster.
Viewings are expected in spring of 2017, with occupation in June 2017.
Property dimensions: 402 sq. ft. – 517 sq. ft. Apartments are located on floors 1-4.
Housing Provider: FABRICA by A2 Dominion
Terms and conditions apply, please visit the Homeownership Westminster for details.
Register your interest at http://www.homeownershipwestminster.co.uk/register/index.html
Fabrica Rathbone Apartments page is at www.fabrica.co.uk/Rathbone-Apartments
21/12/2016 14:43 by Buildington
Construction is progressing well at the Rathbone Square development scheme, with the majority of the building now clad, the tower cranes removed and the fit out of the residential element of the building well underway.
With the 242,800 sq ft of office space pre-let to Facebook, Great Portland Estates has launched the marketing campaign for the 25,200 sq ft of retail and restaurant space and tenant interest has been positive.
Source: Great Portland Estates plc half year results, six months ended 30 September 2016
18/11/2016 16:31 by Buildington
Construction is progressing well at the 418,700 sq ft mixed-use Rathbone Square development scheme, with the majority of the building clad and GPE is on programme to remove the tower cranes later this month.
With the 242,800 sq ft of office space pre-let to Facebook, they have now launched the marketing campaign for the 24,200 sq ft of retail and restaurant space and early leasing interest is healthy.
Source: Great Portland Estates trading update for the quarter to 30 June 2016 www.gpe.co.uk
07/07/2016 12:24 by Buildington
The Rathbone Square development officially topped out on Tuesday 23 February 2016, reports Make.
This important milestone was marked in a ceremony with speeches from the developer Great Portland Estates and contractor LendLease. Make attendees included the studio’s founder Ken Shuttleworth, project lead Graham Longman and the project team.
The scheme sits on a 2.3-acre site in the heart of central London and is set to complete in 2017.
The project has transformed the former Royal Mail Group’s West End Delivery Office into a vast new development of residential, office, retail and public space. The design brief is ambitious: to harmonise the area’s eclectic architecture and 18th-century streetscapes while offering new public realm ahead of Crossrail opening in 2018.
Source: Make www.makearchitects.com
02/03/2016 12:48 by Buildington
Construction works continue to progress positively with the building now around 40% complete, reports GPE.
In September, GPE pre-let all of the office space within the development to Facebook, who will occupy the entire office building (known as One Rathbone Square) on a 15 year term without breaks from practical completion (shell and core condition, scheduled for March 2017).
Facebook will pay an initial rent of £16.9 million per annum on the 227,300 sq ft of currently consented office space, equating to an average of £82.90 per sq ft for the upper six office floors (182,300 sq ft) or an overall average rent of £74.35 per sq ft when including the basement and ground floors (45,000 sq ft). This is 7.5% ahead of the ERV of the equivalent office space at 31 March 2015. The total rent will increase to £17.8 million per annum should GPE receive planning consent for change of use of a further 15,500 sq ft of space to offices. Facebook will receive 30 months rent free from completion of the offices to a shell and core condition and will receive a capital contribution of £52.90 per sq ft towards carpets, floorboxes and fitting out the reception and the offices to a Category A condition.
GPE has also agreed to provide Facebook with expansion opportunities within the GPE portfolio, as follows:
· At 73/89 Oxford Street, W1, Facebook has a right of first offer to pre-let all the 42,600 sq ft of office space, known as 1 Dean Street, W1, on coterminous leases with One Rathbone Square; and
· At Oxford House, 76 Oxford Street, W1, subject to GPE obtaining planning consent from WCC for a comprehensive refurbishment of the building, Facebook will have a right of first offer to pre-let all the anticipated 55,700 sq ft of office space on coterminous leases with One Rathbone Square.
The successful pre-letting of the entirety of the office space together with the sale of 132 out of the 142 residential apartments has helped to significantly de-risk the scheme with 84.5% of the gross development value now either pre-let or pre-sold.
The project is due to complete in June 2017 and, based on current market assumptions and post allowance for overage arrangements, is expected to deliver GPE a pre-tax profit on cost of 25.4% (up from 15.7% expected on the commitment to the scheme in spring 2014).
Source: Great Portland Estates plc Half Year Results 2015 www.gpe.co.uk
11/11/2015 11:14 by Buildington
Great Portland Estates has announced that it has pre-let all of the office space in its development at Rathbone Square, W1 to Facebook UK Ltd (Facebook).
Facebook has signed an unconditional agreement to lease 227,324 sq. ft., representing all of the consented office space at Rathbone Square. Facebook will occupy the building on a 15 year term without break from practical completion to shell and core condition (scheduled for February 2017), paying an initial rent of £16.9 million after receiving 30 months rent free from completion of the offices and a capital contribution to fit out the building to a Category A condition.
In addition, Facebook has signed a conditional agreement to lease a further 15,461 sq. ft. subject only to GPE obtaining planning consent from Westminster City Council (WCC) for a change of use on this space from retail to office, receipt of which would result in a total occupation by Facebook of 242,785 sq. ft.
Facebook will occupy the entirety of the office building, known as One Rathbone Square, in GPE’s 418,698 sq. ft. mixed use development, which also comprises 142 high quality private residential apartments (of which only ten remain available), and 24,222 sq. ft. of retail around a new public garden square. GPE acquired the site from Royal Mail Group in September 2011 and achieved planning approval in October 2013. Following this pre-letting, 87% by value of Rathbone Square will be either pre-let or pre-sold.
GPE has also agreed to provide Facebook rights of first offer on:
The office space at 73/89 Oxford Street, W1, known as 1 Dean Street, on co-terminus leases with One Rathbone Square. The building is currently under construction and is due for completion in April 2017.
The office space at Oxford House, 76 Oxford Street, W1, again on co-terminus leases with One Rathbone Square, subject to GPE obtaining planning consent from WCC for a comprehensive refurbishment of the building.
Neil Thompson, Portfolio Director of GPE, said “We are delighted to welcome Facebook into the GPE portfolio and we look forward to providing them with a world class London headquarters in this outstanding development.
We’ve long believed in the potential of the East End of Oxford Street, and have built an enviable portfolio of developments totalling almost 700,000 sq. ft. in the area. An endorsement of this scale from one of the world’s largest and most recognised brands, along with the arrival of Crossrail in 2018, will help transform this exciting part of the West End.”
Robert Cookson, Head of EMEA, APAC and Americas Real Estate at Facebook, commented:
“The move to our new offices at One Rathbone Square highlights our commitment to invest and grow our talented teams of people based in London, from engineering and analytics to partnerships and design, who help us connect over a billion people on Facebook across the world. This is a fantastic opportunity to occupy a high quality new development in the heart of the West End. The location has excellent amenities and connectivity, with the very best the city has to offer right on the doorstep including Crossrail once it is established.”
12/09/2015 11:20 by Buildington
The main construction contract at the fully consented 408,800 sq ft mixed-use Rathbone Square development scheme is underway and the scheme is progressing well, reports developer Great Portland Estates.
Two of the buildings’ cores are up, the basement structure is now complete and the work on the superstructure will commence shortly.
With tenant demand for well-located, good quality office space remaining strong, GPE is encouraged by the healthy interest already shown in Rathbone Square and expect to commence the pre-letting campaign for the 214,900 sq ft of office space later this summer.
Source: Great Portland Estates trading update for the quarter to 30 June 2015.
08/07/2015 12:25 by Buildington
At Rathbone Square the main construction contract has been agreed with Lend Lease and construction work is fully underway and progressing well.
The successful sales programme in respect of the 142 private residential units continues and GPE expects to commence the pre-letting campaign for the 214,900 sq ft of office space in summer 2015. The project is expected to complete in June 2017 and, based on current market assumptions, is expected to deliver GPE a pre-tax profit on cost of 19.2%. This is a healthy increase on the 15.7% expected on commitment to the scheme in spring 2014, as the residential sales success and increased market rental levels have more than outweighed an increase in construction costs and programme length. The eventual profit on cost to GPE will be influenced by a variety of factors, including the overage arrangements agreed with the Royal Mail Group on purchase of the site in September 2011.
Source: GPE Annual Results 2015
22/05/2015 00:14 by Buildington
To date, 130 private residential units pre-sold at Rathbone Square for £223.1 million (79% of the total by value).
Source: Great Portland Estates plc, Third quarter valuation and business update (quarterly valuation of the Group’s properties as at 31 December 2014).
30/01/2015 11:12 by Buildington
To date contracts have been exchanged to sell 129 apartments, including the first penthouse, for an aggregate amount of £220.2 million, reflecting an average capital value of £1,869 per sq ft and with a price range from £1,548 per sq ft to £2,624 per sq ft.
The 129 apartments sold to date equate to 82.8% of the total private residential by area and 78.1% by value.
In addition, there is a further unit under offer with a value of £2.95 million or £2,387 per sq ft, leaving only twelve apartments remaining, eight of which are penthouse units, with a total quoting price of £61.6 million.
Great Portland Estates launched the pre-sales marketing programme of the 142 private residential units at Rathbone Square on the commencement of the development in July 2014, first in the UK and then overseas, to owner occupiers and private investors.
Source: Great Portland Estates plc, Half Year Results 2014, 13. November 2014
14/11/2014 08:12 by Buildington
Rathbone Square demolition works continue and the substructure is being prepared ahead of the expected start of the main construction works in early 2015.
The successful sales programme of the 142 private residential units continues and GPE expects to commence the pre-letting campaign for the 215,500 sq ft of office space in the first half of next year.
The project is expected to complete in spring 2017 and, based on current market assumptions, is expected to deliver GPE a pre-tax profit on cost of 17.8%. This represents an increase on the estimate of 15.7% at 30 June 2014 as residential sales successes to date have more than outweighed the small increase in expected development costs.
The eventual profit on cost to GPE will be influenced by a variety of factors, including the overage arrangements agreed with the Royal Mail Group on purchase of the site in September 2011.
Source: Great Portland Estates plc, Half Year Results 2014, 13. November 2014
13/11/2014 12:46 by Buildington
Great Portland Estates plc has exchanged contracts to sell 125 apartments at its Rathbone Square, W1 development for an aggregated amount of £207.2 million, reflecting an average capital value of £1,856 per sq ft and with a price range from £1,548 per sq ft to £2,624 per sq ft. GPE has to date received a 10% deposit on the apartments sold.
GPE launched the pre-sales marketing programme of the 142 private residential units of Rathbone Square on the commencement of the development in July 2014, first in the UK and then overseas, to owner occupiers and private investors. The 125 apartments sold to date equate to 78% of the total private residential by area and 73% by value. In addition, there are 4 further units under offer with a value of £9.4 million or £1,916 per sq ft, leaving only 13 apartments remaining, nine of which are penthouse units, with a total quoting price of £68.2 million.
GPE purchased Rathbone Square from Royal Mail Group in September 2011 for £120.0 million, leasing the site back to the vendor until August 2013. Planning consent was obtained from Westminster City Council in February 2014 for a 411,200 sq ft development, comprising 214,800 sq ft of offices, 144,500 sq ft of private residential, 9,400 sq ft of affordable residential and 42,500 sq ft of retail space, located around a new public garden square. Construction works are expected to be complete in early 2017.
Toby Courtauld, GPE Chief Executive said "The successful sales campaign and the appeal of the Rathbone Square apartments reflects the high quality residential accommodation that GPE is creating, the appealing environment of the new garden square and its first rate West End location. Forward selling and securing commitments on the majority of the apartments early in the construction phase has allowed us to begin the process of de-risking the delivery of this development. We expect to continue to sell more of the remaining units as we move towards completion in early 2017.
Meanwhile, the prospects remain positive for the commercial space within Rathbone Square, as we deliver best in class office and retail space into the rapidly regenerating area around the east end of Oxford Street and against a backdrop of a West End market characterised by tightening supply".
Source: GPE www.gpe.co.uk
15/09/2014 11:34 by Buildington
Great Portland Estates plc (“GPE”) has received resolution to grant planning permission from the City of Westminster (“WCC”) for its proposed development at Rathbone Place, W1. WCC described GPE’s plans in their planning committee report as ‘a distinctive, characterful proposal, of high architectural and urban design quality’.
Designed by leading London architects MAKE, the proposals for the 2.3 acre former Post Office site are a comprehensive development to provide new buildings totaling 414,000 sq. ft., which will include a new public square and new pedestrian routes linking Rathbone Place, W1 and Newman Street W1, together with 42,000 sq. ft. of retail space, 217,000 sq. ft. of offices and 155,000 sq. ft. of residential in 162 units.
GPE acquired the site in November 2011, leasing it back to Royal Mail Group, who vacated in August 2013. GPE plan to start work on Rathbone Place in 2014 for completion in 2016 and the development will be a major contributor to the regeneration of the East End of Oxford Street, ahead of Crossrail opening in 2018.
Neil Thompson, GPE Portfolio Director said:
“We are delighted to have received support for our scheme from Westminster, with whom we have worked very closely over the last two years. Rathbone Place will be one of the West End’s most exciting new developments and is one of several projects GPE are working on for delivery over the next few years”.
Source: GPE www.gpe.co.uk 16.10.2013
18/10/2013 15:27 by Buildington