Construction of the new building at 1 Newman Street & 70/88Oxford Street is progressing well with the development expected to top out in the next few weeks, reports Great Portland Estates.

The building will deliver 81,200 sq ft of new offices and 37,900 sq ft of retail space directly opposite the Dean Street entrance to the Tottenham Court Road Crossrail station and completion is targeted for Q3 2021.

Following the pre-let of the upper three floors to Exane, the building is currently 30% pre-leased.

Great Portland Estates expects the pre-leasing of the retail space to be more challenging in the near term given the impact of COVID-19 on the wider UK retail environment.

Great Portland Estates plc has pre-let 39,970 sq ft of office space at 1 Newman Street to Exane SA as headquarters for its Exane BNP Paribas Cash Equities business.

Over half of the office space is under offer now that the structure of the building is complete to level seven.

Exane BNP Paribas will occupy the fifth, sixth and seventh levels, as well as ancillary basement space on three separate 15-year leases. Completion of the leases is conditional only upon practical completion and obtaining a change of use of c.400 sq ft of the basement from A1 retail space to B1 ancillary offices.

The 119,100 sq ft development comprises 81,200 sq ft of offices at 1 Newman Street and 37,900 sq ft of retail space at 70/88 Oxford Street, and is anticipated to complete in Q3 2021.

Toby Courtauld Chief Executive, Great Portland Estates, commented: "In the last four years, we have been major contributors to the regeneration of the East end of Oxford Street through successful developments at Rathbone Square, 73/89 Oxford Street, and now 1 Newman Street. A transaction with a world-class business such as Exane BNP Paribas is testament to the resilience of the central London office market and the quality of this scheme. We are delighted that Exane has chosen this building as its new headquarters and look forward to welcoming them into their new offices next year.”

Ben Spruntulis Head of Equities at Exane BNP Paribas, added: "We’re delighted that 1 Newman Street will be our new London home. This brand new building in a great West End location is a perfect fit for the ambitions of our people and business. By securing space with one of the UK’s top developers, we’re now looking forward to designing a modern high quality workplace for our staff and visitors. This new London office is a great setting for the next chapter in the Exane BNP Paribas story.

Construction of the new Oxford House building is progressing well with the core now complete, reports GPE in its' latest trading update.

The building will deliver 81,200 sq ft of new offices and 37,900 sq ft of retail space directly opposite the Dean Street entrance to the Tottenham Court Road Crossrail station and completion is targeted for Q2 2021, with an expected profit on cost of 17.0%.

Occupier interest for the office space has been strong, given the quality of the building and the continued lack of new-build office supply in the core of the West End. As a result, the entirety of the office space is under offer with the negotiation of detailed terms ongoing.

GPE will commence shortly the marketing of the retail units and, despite both the challenging UK retail environment and delays to the opening of Crossrail, early signs of occupier interest are encouraging.

Source: Great Portland Estates plc Trading update for the quarter to 31 December 2019.

The 41,600sq ft flagship retail space at 70-88 Oxford Street has a 58-metre frontage along the busiest shopping street in the capital. It's right across the road from Crossrail's Tottenham Court Road entrance on Dean Street. Find out more at 70-88oxfordstreet.com.

Construction of the new building is progressing well with the core now
complete to level six, reports Great Portland Estates in the results for the six months ended 30 September 2019.

The building will deliver 81,200 sq ft of new offices and 37,900 sq ft of retail space directly opposite the Dean Street entrance to the Tottenham Court Road Crossrail station and completion is targeted for Q2 2021, with an expected profit on cost of 17.3%.

Occupier interest for the office space has been strong, given the quality of the building and the continued lack of new-build office supply in the core of the West End.

As a result, the entirety of the office space is now under offer. Retail demand has been modest given the building is not planned to complete until 2021 and the more challenging UK retail scene.

We have added new photos of the Oxford House development.

Demolition of the existing building completed in April 2019 and the main construction contract with Lendlease has commenced.

Completion is targeted for Q2 2021, with an expected profit on cost of 18.3%.

Read more: Great Portland Estates results for the year ended 31 March 2019 gpe.co.uk.

Oxford House is currently being stripped out with demolition commencing later in the year. Completion is targeted for Q3 2021.

Source: Great Portland Estates trading update for the quarter to 30 June 2018.

After receiving a resolution to grant planning permission for a new build scheme at Oxford House and finalising the remaining neighbourly matters, GPE has committed to the redevelopment of the building in March 2018.

The new build scheme will deliver around 116,000 sq ft of new office and retail space, a 30% increase (27,000 sq ft) on the refurbished building. BREEAM Excellent rating is targeted with generous wellbeing features designed in from the outset.

With vacant possession now achieved, demolition of the existing building is expected to commence imminently with the construction of the new building expected to start in March 2019 and completion is targeted for Q3 2021.

Source: Great Portland Estates annual results for the year to 31 March 2018.
gpe.co.uk

Great Portland Estates is now exploring whether a more substantial redevelopment, including improving the quality and scale of the retail space, would add additional value given the strong demand for high-quality retail units at the eastern end of Oxford Street due to the opening of Crossrail in 2018.

GPE achieved planning approval in June 2016 for an 89,100 sq ft major mixed-use refurbishment at Oxford house. As part of the letting to Facebook at Rathbone Square, Facebook had a right of first offer to take all of the 55,700 sq ft of office space which they chose not to exercise.

Source: Great Portland Estates plc results for the year to 31 March 2017 24.05.2017 gpe.co.uk.

Facebook has chosen not to exercise their right of first offer to occupy the 55,700 sq ft of office space at Oxford House, reports Great Portland Estate.

Dependent on market conditions, GPE expects to be able to commence construction during autumn 2017 although the development team continue to look for opportunities to improve the design of the currently consented scheme.

Source: Great Portland Estates Trading Update for the quarter to 31 December 2016 www.gpe.co.uk

The refurbishment of Oxford House will potentially start in the next 18 months, reports developer Great Portland Estates.

The plans for the refurbishment, for which the planning approval was achieved in June, include a significant increase in the retail space to take advantage of the strong demand for good retail units at the eastern end of Oxford Street.

As part of the letting at Rathbone Square, Facebook has a right of first offer (exercisable in January 2017) to pre-let all the anticipated 55,700 sq ft of office space.

Source: Great Portland Estates plc half year results, six months ended 30 September 2016 www.gpe.co.uk

Planning approval for Oxford House was achieved in June for the 88,200 sq ft major mixed-use refurbishment.

The plans include a significant increase in the retail space to take advantage of the strong demand for good retail units at the eastern end of Oxford Street.

As part of the letting at One Rathbone Square, Facebook has a right of first offer to pre-let all the anticipated 55,700 sq ft of office space.

Source: Great Portland Estates trading update for the quarter to 30 June 2016 www.gpe.co.uk

Great Portland Estates continues to work up plans ahead of a planning application
submission in the coming months for a 90,500 sq ft major refurbishment scheme of the mixed-use property at 76 Oxford Street, incorporating a significant increase in the retail space.

Source: Great Portland Estates trading update for the quarter to 30 June 2015.