PROPERTY developer Great Portland Estates yesterday agreed to buy the Orchard Court estate in the West End from Rosanna Holdings for £37m, giving it control of nearly 47,762 square feet of property in the area.
The property, which is made up of offices and shops in Portman Square, is held on an 88-year headlease from the Portman Estate at a fixed rent of £1,000 per annum.
It currently homes 14 tenants, who pay a total rent of £1.81m per year on a five-year lease.
Great Portland Estates chairman Toby Courtauld said the site will provide an opportunity for growth in an “attractive and improving location” and “offers potential synergies with our other significant interests in the area.”
The FTSE 250 company, which bought Minerva House last December, said that it has now invested more than 70 per cent of the proceeds of its £140.6m share placing last November.
Shares in Great Portland Estates fell 0.6 per cent yesterday to close at 506.5p.