Great Portland Estates to build 2.2m sq ft by 2014

Aaron Morby 13 years ago

Great Portland Estates is dramatically ramping up building and refurbishment activity on its London property portfolio.

The developer confirmed up beat results for March 2011 and revealed it has access to £518m in cash and debt facilities to fund construction of new London offices.

The developer is working on six schemes, five in the West End and one in Mid-town. It will now ramp up its construction and refurbishment programme  to start further schemes by the end of 2012, giving a near-term programme of 2.2 million sq ft that could be delivered by 2014.

Beyond that, the pipeline includes a further 10 projects, taking the total programme of 3.1 million sq ft, covering 52% of the firm’s existing portfolio.

Toby Courtauld, chief executive, said: “It will be more challenging to generate the sorts of returns we have achieved from acquisitions made over the past 18 months. As a result, our focus is shifting to the delivery of our major development programme.”

The staged upgrade of City Tower, Basinghall Street, EC4, remains on track with the enhancement to the lifts part complete and Portland is finalising the design for the office floors and entrance lobby.

At 240 Blackfriars Road in London, Great Portland has revised the planning consent at the 235,400 sq ft development scheme with the aim of starting on site in the second half of 2011.

Demolition has started of existing buildings owned by The 100 Bishopsgate Partnership, a joint venture with Brookfield Properties, to prepare the way to start a pre-letting campaign for this 955,300 sq ft project.

At Hanover Square, it has signed a Masterplan development agreement with Crossrail/Transport for London to deliver a major 205,400 sq ft office, retail and residential scheme following the completion of the Crossrail Bond Street station.

The developer said it was also preparing schemes at Walmar House, Regent Street, and Fetter Lane in London for a potential start over the next 12 months.

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