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LONDON-Great Portland Estates (GPE) has sold the leasehold interest in Clarendon House in New Bond Street, London, for euro 71.8 million ($92.3 million). The property is 34,800 sf, including 12,700 sf leased to LVMH Fashion Group UK below multi-tenant offices of 22,100 sf. Roughly 50% of the ground rent is payable to freeholder the Pollen Estate. Once that is deducted, the property produces an income of euro 3.4 million ($4.4 million) a year and the deal reflects a 4.5% yield. The Clarendon House deals brings GPE disposals over the past couple of years to a total of euro 472 million ($608 million).

At the same time as announcing the sale, GPE also revealed that work has started on the remodeling of the entrance and office space at Bond Street House. Following the negotiated surrender of three principal leases, the 12,000-sf refurbishment is expected to be completed by the end of 2005, two years earlier than originally planned.

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