REG - Great Portland Ests. - Four Fully Managed deals at Alfred Place

Great Portland EstatesAnnouncement

06/02/2025 07:00

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RNS Number : 0842W  Great Portland Estates PLC  06 February 2025

6 February 2025

 

GPE announces four Fully Managed deals at newly completed, 31 Alfred Place,
WC1

 

Great Portland Estates plc (GPE) has today announced it has let around 10,800
sq ft of Fully Managed office space with an additional 3,400 sq ft under offer
at the recently refurbished 31 Alfred Place, WC1. The space has been let both
faster than GPE's underwrite and ahead of ERV and at an average rent of £222
per sq ft to four new customers, all set to move in over the next few weeks.

 

·      Smartly, the AI-powered advertising technology company, has
signed for 4,515 sq ft and will occupy the 1(st) floor. The brand is upsizing
from its current offices to support its next phase of growth;

·      BBL/P, a digital marketing consultancy, has signed for 4,300 sq
ft and will occupy the 5(th) and 6(th) floors. The brand is moving from their
current office in Soho, as they wanted to obtain a new high-quality
self-contained workspace with more amenity;

·      Casual Films, a production company specialising in brand video
content, has signed for 721 sq ft and will occupy the ground floor. This is
their first Fully Managed office having previously been on a conventional
lease; and

·      A further 1,225 sq ft has been let to a multinational retailer,
who required overflow space, outgrowing their existing London office nearby.

 

31 Alfred Place is a 41,500 sq ft Fully Managed building located in Fitzrovia
next door to GPE's recent acquisition Whittington House and opposite another
GPE Fully Managed building, the Courtyard; together forming a robust cluster
of premium workspaces within walking distance to the Elizabeth line. 31 Alfred
Place provides eight floors of newly refurbished offices, with a communal roof
terrace, private terraces on selected floors, a spacious shared lounge, a
meeting room suite and flexible wellness space.

 

David Korman, Senior Leasing Manager at GPE, commented: "We're excited that
leasing momentum continues unabated across our growing Fully Managed
portfolio. These transactions average 8.6% ahead of ERV, comfortably ahead of
our underwrite. The success here is also hot on the heels of our recent
leasing success at SIX (St Andrew Street), which demonstrates strong customer
demand for our premium Fully Managed workspaces."

 

David Wood, Chairman at BBL/P, added: "Our business has grown significantly in
the last three years and the space in Alfred Place is perfect for our expanded
needs. It's a pleasure to be working with GPE on the project and a joy to see
the excitement in our team as we build up to the move."

 

 Great Portland Estates plc                                                      +44  (0)  20  7647  3000
 Toby Courtauld, Chief Executive
 Nick Sanderson, Chief Financial & Operating Officer
 Stephen Burrows, Director of Investor Relations and Joint Director of Finance

 Yasemin Kiani, Communications Lead

 FGS Global
 James Murgatroyd & Gordon                                                       +44  (0)  20  7251  3801
 Simpson

For further information see www.gpe.co.uk or follow us on X at @GPE_london

LEI Number: 213800JMEDD2Q4N1MC42

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