Cyril Leonard advised Great Portland Estates Plc on the acquisition of two West End developments and the formation of a profit share and debt structuring arrangement with Eurohypo to redevelop both properties. GPE has acquired the SPV entities which own Marcol House, 289-295 Regent Street and 23/24 Newman Street, W1.
GPE obtained planning consent for the redevelopment behind the retained
façade to provide 111,500 sq.ft of net lettable office accommodation including
a retail unit for All Bar One. The
entire office content was part pre-let and let to Savills Plc, their new
international headquarters. GPE reported
that the project earned a 75% profit on cost.