GPE jv secures restaurant letting at 20 Hanover Square
GHS, one of Great Portland Estates’ joint ventures, has secured a 20-year lease agreement with Colonial Property for a three-floor dining concept at 20 Hanover Square, W1.
Colonial received a two-year rent-free period and a £600,000 landlord contribution, which will be paid after fit-out completes.
In exchange, Colonial has agreed a 20-year lease without breaks, at an initial minimum rent of £600,000 pa and a further a turnover top-up.
GHS, one of Great Portland Estates’ joint ventures, has secured a 20-year lease agreement with Colonial Property for a three-floor dining concept at 20 Hanover Square, W1.
Colonial received a two-year rent-free period and a £600,000 landlord contribution, which will be paid after fit-out completes.
In exchange, Colonial has agreed a 20-year lease without breaks, at an initial minimum rent of £600,000 pa and a further a turnover top-up.
The 9,350 sq ft restaurant will occupy the ground and two lower ground floors, with a 1,100 sq ft raised external terrace overlooking an 8,400 sq ft courtyard.
It will feature a New England-inspired dining and social gathering concept. It is slated to open in the autumn this year.
20 Hanover Square is part of a 1.3-acre, mixed-use development consisting of: 18 Hanover Square, of which 111,000 sq ft has been prelet to KKR and Glencore; 1 Medici Courtyard, which has 33,300 sq ft of offices above 31,000 sq ft of new retail units on New Bond Street; and six luxury residential apartments totalling 12,700 sq ft at the junction of New Bond Street and Brook Street.
Marc Wilder, leasing director at GPE, said: “The New England cuisine style and opulent fit-out will combine to create the most exciting eating and drinking destination in the heart of Mayfair.
“We are also encouraged by the continuing strong occupier interest across a high proportion of the total remaining space within the scheme.”
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