(Alliance News) - Great Portland Estates PLC on Wednesday announced its joint venture GHS Ltd Partnership has let the restaurant space located at its Hanover Square development in London to Colonial Property Co Ltd.
The FTSE 250 property developer and investor said London-headquartered Colonial has agreed to a 20-year lease at an initial minimum rent of GBP600,000 per annum.
Great Portland Estates said this will be Colonial's first UK restaurant. It will have 9,250 square feet, comprised of three levels, a ground floor and two lower ground floors. It will have a 1,100 square foot raised external terrace that overlooks the newly created Medici Courtyard.
Colonial said the restaurant will be inspired by a New England concept "rich with British heritage, style and elegance."
The 1.3 acre development also comprises a new nine storey building incorporating the eastern entrance to the Elizabeth Line's Bond Street station, of which 111,000 square feet has already been pre-let to KKR & Co Inc and Glencore PLC. A separate building contains offices above new flagship retail units on New Bond Street and six residential apartments that have all been sold.
"The New England cuisine style and opulent fit out will combine to create the most exciting eating and drinking destination in the heart of Mayfair. We are also encouraged by the continuing strong occupier interest across a high proportion of the total remaining space within the scheme," said Great Portland Leasing Director Marc Wilder.
Shares in Great Portland Estates were down 0.3% at 696.60 pence in London on Wednesday.
By Zoe Wickens; zoewickens@alliancenews.com
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