The scheme is Great Portland's first venture into theresidential development market, being far better known for itsportfolio of commercial property in prime London locations. Thecompany bought the property, comprising 38 apartments, back in 1990as part of a £100 million ($139 million) portfolio and has added a12 apartment extension totalling 10,000 sf to the eaast and westwings of the building together with adding a new entrance andrefurbishing the existing space.

Fronting Elystan Place, close to King's Road, Chelsea the newluxury apartments provide a mixture of one, two and three bedroomaccommodation which will create an end value to Great Portland of£8.45 million ($11.75 million).

Company spokesman, Keith Horne, said, 'With returns per sq ft ofover 10 times that of Mayfair office rents, Ranelagh House has beenan excellent investment.'

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