GPE will retain responsibility for delivering the development with completion of the sale expected in Q1 2023 following practical completion and commencement of the leases of the office and retail space. Net proceeds will be initially used to pay down the Group's revolving credit facility and will reduce the company's loan to value from 22.2% to 16.8% based on a pro-forma June 2022 balance sheet (based on March 2022 property values).

Originally a Fosters & Partners designed building, 50 Finsbury Square is undergoing a comprehensive refurbishment with practical completion scheduled for Q4 2022. Sustainability and wellbeing have been at the heart of the refurbishment and, when complete, the building will be BREEAM 'Excellent' and GPE's first Net Zero Carbon development.

The building will provide c.121,800 sq ft of offices arranged over lower ground, ground and seven upper floors together with a terrace on the 6th floor and a further pavilion and extensive roof terrace on the 8th floor overlooking Finsbury Square. The retail element of the property consists of four units fronting Finsbury Pavement (7,400 sq ft).

The entirety of the office space has been pre-let to telecommunications company Inmarsat Global Limited and two of the retail units have been pre-let and the other remaining two units are under offer. Once fully let, the rent on completion will be c.£9.0 million per annum (subject to final area measurement on practical completion).

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Great Portland Estates plc published this content on 04 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 October 2022 07:41:01 UTC.