| Wed 29 Feb 2012, 9:01 | | CCO - Capital & Counties Properties PLC - Press Release - GCP sells GBP150m of |
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CCO
CCO - Capital & Counties Properties PLC - Press Release - GCP sells GBP150m of
properties to GPE
Capital & Counties Properties PLC
(Incorporated and registered in the United Kingdom and Wales with registration
Number 07145041 and registered in South Africa as an external company with
Registration Number 2010/003387/10)
JSE code: CCO
ISIN: GB00B62G9D36
CAPITAL & COUNTIES PROPERTIES PLC
29 February 2012
GCP sells GBP150m of properties to GPE
The Great Capital Partnership ("GCP"), a 50/50 joint venture between Great
Portland Estates plc ("GPE") and Capco, has exchanged contracts to sell five
West End properties to GPE for a combined price of GBP150 million, or GBP75
million for the half share GPE does not already own. The properties included in
this transaction are set out below.
Property Area (sq ft) Net Rent Tenure Price
Kingsland House 8,737 GBP0.55m Leasehold GBP11.20m
122/124 Regent Street, W1
Carrington House 30,802 GBP1.77m Leasehold GBP37.50m
126/130 Regent Street, W1
Walmar House 52,124 GBP0.30m Leasehold GBP35.00m
288/300 Regent Street &
13/14 Great Castle Street, W1
St Lawrence House 72,399 GBP2.57m Freehold GBP46.55m
26/30 Broadwick Street, W1
48/54 Broadwick Street & 29,906 GBP0.87m Freehold GBP19.75m
10/16 Dufours Place, W1
Kingsland House and Carrington House, which adjoin each other, together form a
medium term redevelopment opportunity on Regent Street opposite the new Superdry
and Burberry flagship stores. They produce GBP2.3 million of annual rent off
GBP41.75 per sq ft for the office space and GBP253 per sq ft zone A for the
retail premises, and yield 4.8% and 4.6% respectively.
Further up Regent Street, Walmar House, 288/300 Regent Street and 13/14 Great
Castle Street, comprise a 59,240 sq. ft. consented refurbishment opposite GPE`s
redevelopment of 33 Margaret Street (formerly Marcol House). The proposed
scheme includes 37,760 sq. ft. of Grade A offices over six floors, the creation
of a new 10,000 sq. ft. flagship retail unit on the corner of Regent Street and
Great Castle Street, and four residential units. With the exception of two
existing retail units, the remainder of the property is vacant.
St Lawrence House comprises three adjoining buildings including offices, retail
and residential and extends to 72,399 sq. ft. on a site of 0.49 acres. In the
short term, the acquisition offers GPE a good running yield at 5.4% in a prime
Soho location, producing a total income of GBP2.57 million off an average office
rent of GBP35.50 per sq. ft. In the longer term, there is potential to develop
a larger building on this prominent corner site. 48/54 Broadwick Street & 10/16
Dufours Place sit within close proximity to St Lawrence House and comprise
approximately 30,000 sq. ft. of office accommodation within four Grade II Listed
buildings fronting Broadwick Street with a modern office building to the rear.
The net initial yield is 4.3% rising to 5% on the letting of a vacant office
floor.
Completion of the transaction is conditional upon approvals from both the
freeholder and the lenders to GCP.
Toby Courtauld, Chief Executive of GPE said, "Whilst perhaps non-core to GCP,
these are classic GPE assets so it makes good sense to buy in the half we don`t
already own. The acquisition both enables the refurbishment of Walmar House and
13/14 Great Castle Street in the near term and provides medium term
repositioning opportunities in both Soho and Regent Street with a solid income
return in the meantime".
Contacts:
Great Portland Estates plc
Toby Courtauld, Chief Executive 020 7647 3042
Capco
Ian Hawksworth, Chief Executive 020 3214 9188
Finsbury Group (GPE Financial PR)
James Murgatroyd 020 7251 3801
Gordon Simpson 020 7251 3801
Hudson Sandler (Capco Financial PR)
Michael Sandler 020 7796 4133
Great Portland Estates plc
33 Cavendish Square, London W1G 0PW
Tel 020 7647 3000 Fax 020 7016 5500
www.gpe.co.uk
registered number 596137 England
Date: 29/02/2012 09:01:15 Produced by the JSE SENS Department.
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