Great Portland Estates has completed a land buy-back from Transport for London at its Hanover Square development, W1.
The GHS partnership, a joint venture between GPE and the Hong Kong Monetary Authority, has acquired the site through the grant of two new 150-year leases, which are worth a combined £75.4m.
It has entered into a development agreement with TfL to complete construction of the over-station development at the Elizabeth Line’s eastern entrance to the Bond Street station, known as 18 Hanover Square. It is expected to open in Q3 2020.
Andrew White, development director at GPE, said: “This is a key milestone for us. We have worked closely with the TfL and Crossrail teams to enable elements of the site to be handed back to us in phases, which allowed us to commence our enabling works over the past 16 months and the main construction works earlier this year.
“The buy-back of the remaining land allows us to commence construction of the final element of the over-station development and makes our previously announced preletting to KKR unconditional.
“We look forward to continue working with KKR, Westminster and other key stakeholders as we deliver this world-class scheme, on a premier garden square, in the heart of Mayfair.”
GPE’s Hanover Square development
The 1.3-acre, mixed-use scheme comprises:
- A nine-storey building incorporating the eastern entrance to the Elizabeth Line’s Bond Street station, 127,600 sq ft of offices and 2,300 sq ft of retail. Just under half of the office space has been prelet to international investment firm Kohlberg Kravis Roberts & Co Partners
- A separate building on New Bond Street containing 31,300 sq ft of new prime retail units and 33,300 sq ft of offices above
- Six residential units totalling 12,200 sq ft at the junction of New Bond Street and Brook Street
- 8,300 sq ft of restaurant space and 6,300 sq ft of offices in Grade II listed 20 Hanover Square.
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