Great Portland Estates plc ('GPE') announces that it has agreed to let 60,887 sq. ft. of offices in its development at Wells & More, 45 Mortimer Street, W1, to New Look, the fashion retailer.
New Look will take 15 year leases on lower ground, ground and first to third floors and pay
£2.58 million per annum, after a rent free period of 15 months. In addition, New Look will receive £2.5 million by way of capital contribution paid over the first six months of the lease. The rent on the above ground office floors equates to £49.00 per sq. ft. The leases will have occupier break clauses at the fifth and tenth year, with a penalty payable by the occupier on operation of the breaks equivalent to 15 months and 7 months rent respectively.
GPE commenced work on the 112,760 sq. ft. mixed use development in October 2006 completing the building last week. In addition to 4 of the 6 residential flats, 14,383 sq. ft. of retail and 32,310 sq. ft. of offices on the fourth and fifth floors remain available.