REG - Great Portland Ests. - GPE announces office letting at wells&more, W1

Great Portland EstatesAnnouncement

26/06/2025 07:00

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RNS Number : 4496O  Great Portland Estates PLC  26 June 2025

26 June 2025

 

 

GPE announces latest office letting at wells&more, W1

 

Great Portland Estates plc (GPE) has today announced the letting of the first
floor (16,830 sq ft) at wells&more, W1. The letting completes a successful
repositioning of the building securing an average rent on the refurbished
floors (33,700 sq ft) of £102 per sq ft (12% ahead of ERV) and increasing the
rental income of the space by 55%.

 

GPE identified the opportunity to relocate New Look from wells&more, an
office-led property in the heart of Fitzrovia and developed by GPE in 2009, to
fitted space in the newly refurbished The Hickman, E1 in 2023. Following their
departure, the first and second floors of wells&more were extensively
refurbished to provide best-in-class office space alongside high-quality
amenities. Following a successful leasing campaign, including the recent
letting to Heineken who relocated from another GPE building earlier this year,
the building is now 93% let, with just 7,625 sq ft remaining available. Our
leasing activity has driven a significant uplift in income, with passing rent
on the refurbished floors increasing from £2.2 million to £3.4 million.

 

Richard Carson, Senior Leasing Manager at GPE, commented: "This latest letting
secures a significant rental uplift for GPE and highlights the strong demand
for our best-in-class, Ready to Fit workspace, perfectly suited to meet the
needs of global brands looking to grow in central London."

 

 

 

 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

 Richard Carson, Senior Leasing Manager

 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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