Native Land has acquired the long leasehold interest in Regent House, an existing 1960s building located within The Portman Estate and close to Oxford Street.
Regent House will be Native Land’s first development on The Portman Estate. 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 as part of its retail strategy to reinvigorate Edgware Road and continue its investment in the thriving Marylebone area.
Alasdair Nicholls, Chief Executive of Native Land said:
“We are very pleased to complete the acquisition of Regent House. 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. Regent House will benefit from outstanding transport links, including the planned Paddington Crossrail Station which is due for completion in December 2018. The surrounding shopping and leisure amenities, coupled with its close proximity to Hyde Park, will make the development a premium offer for office and retail occupiers as well as residents.
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.