LONDON-Great Portland Estates has exchanged contracts with Royal Mail Group to acquire a 2.3-acre development site at 35-50 Rathbone Place situated on the east end of London's Oxford Street. The company will pay GBP 120 million for the property.
Royal Mail has leased back the whole site from GPE till June 2013. The company submitted a planning petition for a 400,000-square-foot office, retail and residential project in May 2011. A new application for the project will be submitted in 2012. For the full story, go to Property Week .
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