REG - Great Portland Ests. - Further Fully Managed leasing success

Great Portland EstatesAnnouncement

13/02/2025 07:00

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RNS Number : 9270W  Great Portland Estates PLC  13 February 2025

13 February 2025

 

GPE announces further Fully Managed leasing success at Piccadilly Estate, W1

 

Great Portland Estates plc (GPE) has today announced four new Fully Managed
leasing deals at its 201,000 sq ft Piccadilly Estate, W1. The refurbished
6,700 sq ft of space has let both faster than GPE's underwrite and ahead of
ERV by 13.7%, securing £1.6 million of annual rent at an average of £240 per
sq ft, representing a net premium of 98% to traditional Ready to Fit leases.
All four customers are from the financial services sector or are family
offices, and all will be in their new space by the end of the month.

 

These new lettings bring the total of Flex leases across the Piccadilly Estate
to around 29,000 sq ft, or 60% of the total let office space. With such
healthy demand for GPE's Fully Managed product in this prime location,
confidence is high for the leasing prospects of its next product launch at 170
Piccadilly (previously named Egyptian and Dudley House) this summer. This
iconic new workplace will fuse heritage and innovation whilst honouring the
building's Grade II listed status, creating 25,600 sq ft of premium office
space across seven floors, offering a range of high-quality amenities
including event space, complimentary meeting rooms and boardrooms, and an
outdoor landscaped terrace.

 

Simon Rowley, Director of Flex Workspaces at GPE, commented: "We are
continuing to let our Fully Managed space at a rapid rate across our
portfolio. Including these latest deals in Piccadilly, we've already completed
10 Fully Managed transactions across circa 30,000 sq ft in the six weeks since
the start of January. With the increasing scarcity of premium Fully Managed
offices in our core locations, we expect to continue beating our Fully Managed
leasing targets."

 

 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

 Simon Rowley, Director of Flex workspaces

 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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