Great Portland Estates (GPE) has formed a new 50/50 joint venture with Hong Kong Monetary Authority in order to develop Hanover Square Estate.
Called the GHS Limited Partnership, it will develop the London office, retail and residential development in the heart of London’s West End.
GPE has now transferred a number of properties forming part of the Hanover Square Estate to the joint venture partnership. In total, these properties are valued at a reported Â£202.2m.
The central London based property investment and development firm first received planning for the 208,000 sq ft development of the site in 2011.
The majority of the development will consist of 163,000 sq ft of Grade A London office accommodation across three buildings. Most of which will be located above the Crossrail station also being developed in the area.
In addition to the London office space on offer, the development will also feature 32,700 sq ft of retail and restaurant space, much of which will be on New Bond Street, and then six apartments covering a total of around 11,800 sq ft all located at the junction between New Bond Street and Brook Street.
GPE chief executive, Toby Courtauld, said: “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.”
The development is expected to be completed in 2018.
By: Kirsty MacGregor
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