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Land Securities Buys Out Gunwharf Quays

LONDON-Land Securities is paying pounds 170 million ($295 million) to assume full control of the 600,000-sf Gunwharf Quays mixed-use project on Portsmouth Harbour in Hampshire.

By Graham Parker | Updated on December 03, 2003

LONDON-Land Securities has bought out the Berkeley Group’s stake in the acclaimed Gunwharf Quays mixed-use scheme in Portsmouth Hampshire. The UK’s largest property company is paying £170 million ($295 million) to take full control of the Gunwharf Quays limited partnership.

It has already paid £149 million ($257 million) and the exact amount still due will depend on the level of turnover rents achieved in the retail element of the scheme. Overall, Gunwharf Quays includes 243,000 sf of designer factory outlets, 130,000 sf of leisure, 117,000 sf of bars and restaurants, 26,000 sf of offices and a 44,000 sf hotel.

The outlet mall is let to 91 top retailers including Gap, Adidas, Levi Strauss, Fat Face, Ted Baker, Gieves & Hawkes, and Marks & Spencer. The leisure includes an 11 screen Warner Village Cinema, a 26 lane bowling complex operated by Bowlplex and a casino operated by Grosvenor. Berkeley Group will retain an interest in the remaining development phases planned at Gunwharf Quays.

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