As we continue to drive growth in our flexible office offering to meet growing customer demand, we have grown our Flex space to 582,000 sq ft, or around 25% of our office portfolio.
By organically converting floors across our portfolio into high quality, amenity-rich Fully Managed space and through acquisitions such as The Courtyard, W1 and 19/23 Wells Street, W1, we have made significant progress towards our targeted ambition for one million sq ft of Flex space.
Of our four Fully Managed refurbishments undertaken this year, two have completed at SIX St Andrew Street, EC4 and 31/34 Alfred Place, WC1, with very positive early leasing activity. Our two refurbishments on-site at 170 Piccadilly, SW1 and 141 Wardour Street, W1 are progressing well, with both set to complete in summer 2025.
At SIX St Andrew Street, which completed in early November, 23,000 of the 47,800 sq ft space is now let, at an average 8.9% beat to ERVs. Since completion of 31/34 Alfred Place in January 2025, 27,600 of the building is already let, at an average of £220 per sq ft and an average beat to ERVs of 6.3%. This included our largest ever Fully Managed letting to FTSE 100 retailer Next, who took 11,500 sq ft on a five-year term.
The leasing success experienced at SIX and Alfred Place demonstrates that our premium, differentiated Fully Managed offering is meeting and exceeding customer expectations and delivering outsized returns. As a result, we expect to further add to the portfolio in the coming years, providing a significant income and value growth opportunity into the medium term.