Native Land has acquired the long leasehold interest in Regent House, a 1960s building located within The Portman Estate and close to Oxford Street that has been earmarked for a major redevelopment.
The site has the benefit of a planning consent for a mixed-use scheme comprising 43,000 sq ft of grade A office accommodation over six floors as well as 24 private residential apartments. In addition, there will be four ground/lower ground retail units, which will be leased back and directly controlled by The Portman Estate.
Regent House will be Native Land’s first development on The Portman Estate.
Alasdair Nicholls, chief executive of Native Land said: “The asset complements our current portfolio of centrally located developments across the capital and strengthens our position as a leading mixed-use developer in London. We are delighted to be working in partnership with The Portman Estate and to be playing a part in their continued programme of investment aimed at rejuvenating this prominent area within Westminster.”
The site is situated within The Portman Estate’s 110 acres of Marylebone, located at the junction of George Street and Edgware Road in London, W1.
Oliver Fenn-Smith, property director of The Portman Estate said: “The joint venture with Native Land on Regent House is an exciting move for the Estate, and will play a significant part in the ongoing transformation of Edgware Road as the gateway to Marylebone and the West End”
Construction is due to begin in 2018, with completion in 2020.
Cushman and Wakefield acted for The Portman Estate.
9 December 2016
19 October 2016
31 August 2016