REG - Great Portland Ests. - GPE commits to Fully Managed Fitzrovia build

Great Portland EstatesAnnouncement

18/03/2026 07:00

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RNS Number : 0248X  Great Portland Estates PLC  18 March 2026

18 March 2026

 

GPE secures new headlease and commits to Fully Managed Fitzrovia refurbishment

 

GPE has completed a new headlease and development agreement with The trustees
of the Evelyn Estate, advised by Peter Hutchinson of HMC, to refurbish 7/15
Gresse Street and 12/13 Rathbone Place, W1. The new headlease extends the term
by 20 years, pushing expiry to 2148, while the development agreement provides
consent for GPE to convert the space to its growing Fully Managed offer.

The buildings will provide 42,800 sq ft of Fully Managed workspace across five
floors and form part of GPE's growing Flex offer, which now totals 660,000 sq
ft or around 30% of the portfolio. Collectively the buildings will also be
rebranded as The Howlett, a nod to their history as a former warehouse for
bootmaker 'Howlett & White' and reflecting the area's longstanding
heritage in fashion and textile manufacturing.

Located in the heart of Fitzrovia, within walking distance of Tottenham Court
Road and the Elizabeth line, the redevelopment will deliver high quality,
sustainable and beautifully designed offices with attractive amenity space.
This commitment builds on strong leasing momentum across our Fully Managed
portfolio, with 148,900 sq ft of space let or under offer so far this
financial year, amounting to £35.4 million of annual rent, 7.8% ahead of ERV.

Planning consent was granted by Westminster City Council in September 2025 and
works are expected to complete by early 2027.

 

Trevor Phyo, Senior Development Manager at GPE, commented: "We are delighted
to secure this new headlease which unlocks our ability to create a flagship
Fully Managed workspace in one of central London's most sought after
locations. The Howlett will set a new benchmark, delivering the kind of
flexible, design‑led space the market is demanding and our customers love."

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

 Trevor Phyo, Senior Development 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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