Developer sets up joint venture to build out £200m Hanover Square project
Developer Great Portland Estates has formed a £202m joint venture with a Hong Kong funder to redevelop a 208,000 sq ft portion of the Hanover Square Estate in the West End of London.
Great Portland Estates (GPE) said it had put £202m of property into the joint venture, including the redevelopment above the forthcoming Crossrail station (see picture) planned for the area.
The 50/50 joint venture is with the Hong Kong Monetary Authority (HKMA), and GPE said it would now be able to build out the scheme by 2018, after Crossrail completes its work in 2016.
The scheme, which has planning permission and fronts upon both Hanover square and New Bond Street, includes 163,500 sq ft of offices, alongside 32,700 sq ft of retail and restaurant and six luxury apartments totalling 11,800 sq ft.
GPE will act as development manager and asset manager to the joint venture, which is called GHS. Toby Courtauld, GPE chief executive said: “Our partnering with an organisation of the calibre of HKMA is a strong endorsement of this project’s potential. We look forward to working with the HKMA team to deliver this world class development.”