Great Portland Estates concludes run of West End lettings

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Great Portland Estates concludes run of West End lettings

Great Portland Estates plc (GPE) announces that The Great Wigmore Partnership (GWP), its 50:50 West End joint venture with Scottish Widows Investment Partnership (SWIP), has concluded the final office lettings at 180 Great Portland Street, W1.

GPE commenced work on the 81,000 sq ft major office refurbishment in January 2006, completing the project in early 2007.

By November 2007, 49% of the office space had been let at rents ranging from £55 per sq ft to £62.50 per sq ft. Since then, the remainder has been let to the following companies on the terms as set out;

Occupier

Date

Area

Rent per sq ft

Term

Rent Free

MJ Mapp

19/12/07

16,054 sq ft

£60.00 sq ft

 10 years  8 months

Aegis Group plc

17/12/07

7,612 sq ft

£62.50 sq ft

 10 years (occupier's break option year 7)  6 months

St Modwen Developments Ltd

20/12/07

7,397 sq ft

£65.00 sq ft

 10 years  9 months

Estee Lauder Cosmetics

28/01/08

7,377 sq ft

£67.50 sq ft

 10 years  12 months

 

The last remaining space in the 106,000 sq ft building is an 8,000 sq ft retail unit which is under offer to a supermarket operator.

"We are delighted to welcome such a range of high calibre occupiers to this first class building. These final lettings demonstrate that occupational demand remains solid in the West End where 81% of our portfolio by value is located, whilst the quality of the refurbishment has enabled us to generate rental growth of 23% during the letting campaign alone."
Neil  Thompson
Neil Thompson
Executive Director of GPE