Great Portland Estates PLC GPE secures ability to redevelop in St James's SW1 (4408G)
19 7월 2023 - 3:00PM
UK Regulatory
TIDMGPE
RNS Number : 4408G
Great Portland Estates PLC
19 July 2023
19 July 2023
Great Portland Estates plc secures ability to redevelop French
Railways House and 50 Jermyn Street, SW1
Great Portland Estates plc (GPE) and The Crown Estate have
exchanged an option which, if exercised by GPE, will provide a new
headlease and development agreement to facilitate the redevelopment
of French Railways House and 50 Jermyn Street, SW1.
The redevelopment at the heart of the historic St James's
district forms part of The Crown Estate's strategy to regenerate
the wider area, attracting new brands, businesses and visitors to a
globally renowned destination.
GPE's current interests at French Railways House and 50 Jermyn
Street are held on leases expiring in 2053 and 2057 at a combined
fixed rent of GBP13,250 per annum. The new head lease across both
buildings will be for a term of 129 years and geared to 10% of
rents received.
GPE secured planning consent for an office-led redevelopment at
French Railways House and 50 Jermyn Street, SW1 in May 2022. Make
Architects have been appointed to help deliver 66,800 sq ft of
Grade A offices over the first to seventh floors and two
retail/restaurant units located on the ground floor.
GPE and The Crown Estate's aligned approach to sustainability is
also evident in the agreement. It reflects GPE's ambitious new
'Brief for Creating Sustainable Spaces' and updated 'Sustainability
Statement of Intent - The Time is Now' along with The Crown
Estate's own 'Development Sustainability Principles'.
ESG targets have therefore been incorporated in the agreement,
including embodied carbon, energy use intensity, delivery of
NABERS, and biodiversity net gain; as well as agreed reporting
requirements to ensure continued collaboration between GPE and The
Crown Estate during the design, construction and operational phases
of the building's lifecycle.
The scheme is designed to embrace the principles of the circular
economy through the retention of the existing foundations and
basement; and the reuse of structural steel from the deconstruction
of the former building on the site of GPE's new development 2
Aldermanbury Square EC2, which is aiming to save up to 99% of the
carbon emissions compared with procuring new steel.
Dan Nicholson, Executive Director at GPE, commented: "This is a
brilliant opportunity for GPE and The Crown Estate to work in
partnership to create best-in-class office and retail space in the
heart of St James's. Sustainability is at the core of our
redevelopment strategy and we are aiming to set a precedent for
London by re-using over 1,000 tonnes of structural steel, creating
premium spaces that deliver on the needs of our customers, into a
market that is increasingly starved of such exceptional
properties."
Great Portland Estates plc +44 (0) 20 7647 3000
Toby Courtauld, Chief Executive
Nick Sanderson, Chief Financial & Operating
Officer
Stephen Burrows, Director of Financial Reporting
& IR
FGS Global
James Murgatroyd +44 (0) 20 7251 3801
Gordon Simpson
For further information see www.gpe.co.uk or follow us on
Twitter at @GPE_plc
LEI Number: 213800JMEDD2Q4N1MC42
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END
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July 19, 2023 02:00 ET (06:00 GMT)
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