GPE sells Oxford St new build
Great Portland Estates has sold the freehold of 73-89 Oxford Street, W1, and 1 Dean Street, W1, to Norges Bank Real Estate Management for £276.5m – a 3.2% yield. The office and retail development is under construction and expected to complete next year. The scheme is prelet to New Look, Benetton and Moneysupermarket.com. CBRE advised the vendor; JLL acted for the purchaser.
Google commits to King’s Cross
Google is to press ahead with developing its 650,000 sq ft scheme at King’s Cross Central following a period of uncertainty. The development adds to its existing 380,000 sq ft building at 6 Pancras Square, NW1, and a 180,000 sq ft building on the S2 plot, which will be ready next year.
New owner for Discovery Park
Palmer Capital and its co-owners have sold the 200-acre science and technology hub Discovery Park in Kent to Discovery Park Estates – a special purpose vehicle owned by Simcha Green and Bernard Spitz. The original shareholders will continue day-to-day management.
First firms for Clarges Mayfair
Quantum Pacific and Fortress are to be the first office tenants at British Land’s 49,500 sq ft Clarges Mayfair scheme. The private equity firm and investment management firm are understood to be under offer on a floor each at 7 Clarges Street, W1, on 10-year leases paying in excess of £120 per sq ft. CBRE advises on the scheme.
Hotel set for embassy site
Qatari Diar has consent to extend the American Embassy site at 24-31 Grosvenor Square, W1, for a luxury hotel. Under the plans, there will be a five-star 137-bedroom hotel, five restaurants, six shops, a spa and a ballroom. The scheme is part of a £1bn plan to restore Grosvenor Square. Gerald Eve advises Qatari Diar.
