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Enabling works to 'complete shortly' at 100 Bishopsgate

Enabling works will “complete shortly” at 100 Bishopsgate as negotiations continue to ‘sell down’ Great Portland Estate’s share in the tower, it said today.

Great Portland Estates said it is also making ‘good progress’ on proposals for a major development scheme at its 2.3 acre freehold West End site at Rathbone Place, W1, and expects to submit a planning application in the first quarter of 2013.

It said it also continues to prepare 20 St James’s Street, SW1 and Fetter Lane, EC4 “for potential starts over the next 12 months.”

Posting an interim management statement this morning, the developer said: “At 100 Bishopsgate, EC2 (held in our 50:50 joint venture with Brookfield), enabling works will complete shortly and negotiations are ongoing with a preferred party on the proposed sell down of our interests.”

Main construction is not expected to start until a tenant has been found for the tower. The completed project will provide approximately 950,000 sq ft of office and retail accommodation across two buildings - including a 40-storey tower - as well as a newly created half-acre public square.

The value of GPE’s property portfolio at 30 June 2012 was up £61m to £2.1 billion, including share of joint venture assets. The firm has seen rental value growth of 0.9 per cent - 1.3 per cent West End offices and 0.4 per cent West End retail.

It reported five committed development schemes (651,100 sq ft) on site. Major development potential increased to 17 uncommitted schemes, covering 2.7 million sq ft, all with flexible start dates. 3.4 million sq ft total development programme covering 55% of existing portfolio.

Chief executive Toby Courtauld said:  “Against a backdrop of global economic turbulence and increased central bank monetary stimulus, a significant quantity of capital from around the world continues to flow into the central London property market, resulting in yields reducing in the quarter for prime West End assets.

“With resilient tenant demand, minimal vacancy of Grade A space and constrained development supply, we expect further rental growth, particularly at our welllocated, high quality buildings.”

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