INDUSTRY NEWS

Great Portland Estates’ Oxford House London office plan approved

Great Portland Estates has now received planning permission for its redevelopment of a London office building.

Westminster City Council granted permission for the central London-based property investment and development firm to redevelop 76 Oxford Street – a site it acquired last month.

The property, known as Oxford House, is an 11-storey office and retail building offering 79,000 sq ft of London office space. It is fully let to three office tenants as well as five retail tenants.

Great Portland Estate chief executive, Toby Courtauld, said: “Oxford House is an important West End asset to add to our medium term development pipeline and in the near term, this well located building gives us opportunities to work the income, off low rents, through refurbishment.

“Longer term, redevelopment will contribute towards the regeneration of the East End of Oxford Street, one of London’s most exciting submarkets and one which is set to benefit from the opening of Crossrail.

“In addition, obtaining the necessary rights for our 73/89 Oxford Street development brings this project closer to fruition ahead of the planning committee meeting in August 2013”

Great Portland Estates is a FTSE250 property and investment firm based in central London. It owns more than £2.3bn of commercial real estate.

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