Great Portland buys Piccadilly site from Capco joint venture

Kasmira Jefford
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GREAT PORTLAND ESTATES yesterday announced it has bought out Capital and Counties’ half share in the Jermyn Street estate in Piccadilly for £60m, giving it control of nearly 200,000 square feet of property in the area.

The £120m estate, held by the two developers’ joint venture Great Capital Partnership, is made up of five properties, including 54-56 Jermyn Street, Dudley House, Egyptian House, Empire House and Foxglove House.

The properties are a mixture of offices and shops and are home to 62 tenants including Standard Chartered Bank, Wiltons, Starbucks and Kent & Curwen.

The space of the newly-acquired properties extends over 133,000 sq ft, with frontages to both Piccadilly and Jermyn Street.

All of the properties are held on separate 125 year headleases from The Crown Estate at a combined fixed headrent of £675,000 per annum until September 2014.

Great Portland Estates chairman Toby Courtauld said the site, together with two adjoining buildings his company recently acquired, in the longer term “offer a superb development opportunity in one of the West End’s premier sub markets”.