Great Portland Estates buys West End's Oxford House

17th Jul 2013 08:16

Property group Great Portland Estates today confirmed that it has bought Oxford House, 76 Oxford Street, W1.Great Portland said Oxford House is a prominent freehold property at the junction of Oxford Street and Newman Street, adjoining Great Portland's 2.3 acre Rathbone Place redevelopment site. Great Portland also revealed that it and Land Securities have entered into new rights of light and rights of way arrangements between Great Portland's development at 73/89 Oxford Street, and Land Securities' adjoining property at 7 Soho Square. The combined price for these two transactions is £91.50m, the group explained. GPE Chief Executive Toby Courtauld said: "Oxford House is an important West End asset to add to our medium term development pipeline and in the near term, this well located building gives us opportunities to work the income, off low rents, through refurbishment.""Longer term, redevelopment will contribute towards the regeneration of the East End of Oxford Street, one of London's most exciting submarkets and one which is set to benefit from the opening of Crossrail."Great Portland shares slipped 0.52% to 575.50p at 09:00 in London.CJ