• New Joint Venture for a £100m mixed-use scheme by The Portman Estate and Native Land.

Leading London developer 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.

Ends

For further information, please contact:
Sara Henriksson, ING-media
020 7247 8334
sara@ing-media.com

Notes to editors

Native Land

Native Land is one of London's leading residential and mixed-use developers, delivering employment space, high quality homes for private sale, private rental (PRS) and shared-ownership and social rented affordable housing. Together with its network of international and globally recognised investment partners, Native Land currently controls over 1.75 million square feet of central London residential accommodation and mixed use space in the planning and development pipeline with a GDV of over £2.5bn Native Land's current development portfolio includes: Sampson and Ludgate House, the site of a 1.4m sq ft regeneration project adjacent to the river Thames in Bankside; Burlington Gate, a 90,000 sq ft gallery and residential development in Mayfair, Holland Park Villas, a high-end residential development immediately adjacent to Holland Park and Kilmuir House, a repositioning and PRS development which provides premium rental accommodation in the heart of Belgravia.

More information can be found on Native Land at www.native-land.com

The Portman Estate

The Portman Estate comprises 110 acres of Marylebone in London's West End, including frontages to Oxford Street and Baker Street. It covers 69 streets, 650 buildings and four garden squares, containing 900 directly managed residential units, 290 office units, 150 shops and restaurants, 27 hotels and seven pubs.
The Portman Estate is committed to excellence in customer service and aims to be the destination of choice for residents, businesses and visitors, where the buildings exceed market demand and the environment is distinctive, varied and vibrant. Since 2002, the Estate has directly invested an average of £20 million per year. This has included the regeneration of its independent retail streets, Seymour Place, New Quebec Street and Chiltern Street, and the introduction of new hotels The Zetter Townhouse and Z at Gloucester Place. Over the next seven years, an estimated £280 million will be reinvested Estate-wide to ensure long term growth and create attractive, vibrant spaces for the Marylebone community to enjoy. Projects currently under construction on the Estate include the redevelopment of the former police station at 1 – 9 Seymour Street, the major refurbishment of 10, 11 and 12 New Quebec Street and the landmark mixed use development at Marble Arch Place. Future initiatives include the Baker Street two-way traffic scheme and the planned redevelopments of 1 – 4 Marble Arch and Regent House on Edgware Road.

Further details can be found on The Portman Estate website www.portmanestate.co.uk