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.
"We are delighted to welcome New Look as our first occupier at Wells & More. To have let the majority of the office space to a company of New Look's standing and reputation within days of finishing the building is a real testament to its quality."
