British Land - Annual Report & Accounts 2003
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Principal Investment Properties

Regent's Place, London NW1


Value £505m
114,100 sq m (1.3m sq ft) office,
retail, leisure and residential
accommodation
4.2 hectare (10.4 acre) site,
West End of London
Close to Euston mainline and
four underground stations
2.0 hectares (4.9 acres) for
further development at the
North-East quadrant and site to the West of the estate
Community website
www.vicinitee.com
Mainly freehold
100% owned
Rent passing £17.7m pa
Average office passing rent
£29.10 per sq ft
Weighted average lease term including breaks 14.1 years, to expiry 16.9 years
 
Tenants include:
Abbey National
Bank One
Capital One
Elexon
HM Government
Hodder Headline
Sema

This thriving West End business quarter has a major Euston Road frontage and excellent transport links.

Two new buildings, the 18,500 sq m (199,000 sq ft) headquarters office building for Abbey National plc at 2/3 Triton Square and the 350 Euston Road building with 12,000 sq m (130,000 sq ft) offices and retail accommodation are complete, incorporating broadband technology. 43% of the office space at 350 Euston Road has been let in the year, to Capital One and Elexon at £46.50 per sq ft and £48.50 per sq ft respectively.

Preliminary master planning and massing studies are being progressed for the North-East Quadrant of Regent’s Place, comprising one hectare (2.4 acres). Additionally, in September 2002 a conditional Development Agreement was entered into with The Crown Estate to explore the development potential of a one hectare (2.5 acre) site to the West of the estate. These two projects have the potential to add in the region of a further 93,000 sq m (1.0 million sq ft) to Regent’s Place. Ultimately the entire estate is projected to cater for a working population of some 10,000 people.

Retail offers within Regent’s Place enhance the working environment, including a Sainsbury’s convenience supermarket, Holmes Place Health Club, Starbucks and Pret a Manger, a wine bar, hairdressers and a large crèche. 350 Euston Road incorporates further retail units which will be available for letting to a mix of tenants.

Triton Square, a large public area, provides landscaped open space facilities for all occupiers of the estate. Broadgate Estates Limited continues to manage the external and common areas.

Following the launch of the Regent's Place Travel Plan, the transport initiatives at Regent's Place are now featured in Government best practice guidance documents on travel plans.

350 Euston Road has been selected for an award in the “Large Commercial" category of the London Borough of Camden Built in Quality Awards 2003, part of a national scheme to promote good building practice.

The rents passing are expected to increase to £26.4 million per annum on expiry of rent free periods in September 2003.


Regent's Place

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