GPE announces continued leasing successes

Published on

Great Portland Estates plc (“GPE”) announces 92,800 sq. ft. of lettings since 1 July 2016, generating a combined annual rent of £7.9 million (GPE share: £7.1 million) with market lettings broadly in-line with March 2016 ERV.

These result in total lettings of 158,900 sq. ft. since the start of the financial year (1 April 2016), generating a combined annual rent of £11.5 million (GPE share: £10.3 million).

13 lettings (including 2 pre-lettings) have been signed since 1 July 2016, the most notable of which include:

  • At 73/89 Oxford Street, W1, 33,100 sq. ft. of offices (known as “1 Dean Street”) were pre-let to Group plc (“MSM”), the FTSE 250 web based price comparison business. MSM will occupy the third, fourth and fifth floors on a 15 year term (break at ten) paying annual rent of £2.7 million. MSM also has a right of first offer, exercisable in December 2016, to pre-let the remaining 9,500 sq. ft. sixth floor, with the two retail units already pre-let to New Look and Benetton;
  • At 30 Broadwick Street, W1, the third floor (14,600 sq. ft.) was pre-let to EQT, the European private equity business, on a 15 year term (break at ten) paying annual rent of £1.3 million. Together with the pre-letting in late June of the 7,950 sq. ft. restaurant unit to The Ivy Soho Brasserie, the building is now 25% pre-let ahead of completion later this month, with good interest in the remainder; and
  • At Mount Royal, 508/540 Oxford Street, W1, in early October, we agreed a back-to-back surrender and re-letting to replace an existing retailer with Holland & Barrett at our prime retail site at the western end of Oxford Street. Holland & Barrett will occupy the 10,200 sq. ft. store on a 10 year lease paying annual rent of £1.6 million (£608 per sq. ft. Zone A), 26.0% ahead of the previous passing rent and capturing a significant reversion.
"We are pleased with the continued leasing momentum across our portfolio and our most recent pre-lettings have further de-risked our committed development programme, now being around 70% pre-let or pre-sold. With a further £4.4 million of space currently under offer, the limited available space across our portfolio continues to attract healthy leasing interest."
Toby Courtauld
Toby Courtauld
Chief Executive