The property is 34,800 sf, including 12,700 sf let to LVMHFashion Group UK Limited and multi-let offices of 22,100 sf above.Roughly 50% of the ground rent is payable to freeholder, the PollenEstate. Once that is deducted the property produces an income ofeuro 3.4 million ($4.4 million) a year and the deal reflects a 4.5%yield.
The Clarendon House deal means GPE disposals over the pastcouple of years now total euro 472 million ($608 million).
At the same time as announcing the sale, GPE also announced workhas started on the remodelling of the entrance and office space atBond Street House. Following the negotiated surrender of threeprincipal leases, the 12,000-sf refurbishment is expected to becompleted by the end of 2005, two years earlier than originallyplanned.
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