REG - Great Portland Ests. - GPE completes 141 Wardour Street, W1

Great Portland EstatesAnnouncement

07/08/2025 07:00

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RNS Number : 3088U  Great Portland Estates PLC  07 August 2025

7 August 2025

 

GPE completes 141 Wardour Street, W1 with two thirds of the building already
let or under offer significantly ahead of ERV

 

Great Portland Estates plc (GPE) has announced the completion of its latest
Fully Managed building at 141 Wardour Street, W1, with around two thirds of
the refurbished office space already let or under offer. This rapid leasing
progress demonstrates the strong demand for GPE's premium Fully Managed
offering, particularly in a market where pre-leasing remains rare.
Additionally, the 5,200 sq ft flagship retail unit, which was pre-let to
REPRESENT in April, has now opened.

 

Once completed, these Fully Managed deals (across 15,900 sq ft) will generate
£4.4 million in annual rent at an average rent of £277 per sq ft, 14% ahead
of March 2025 ERV, and are expected to deliver a 70% cash flow beat to an
equivalent traditional Ready to Fit lease. As a result, total Flex leasing
across the GPE portfolio so far this financial year will rise to 60,800 sq ft,
securing £13.0 million in annual rent.

 

The first floor has been let to Wunderkind and a further three floors are
under offer. Wunderkind, currently based at GPE's 16 Dufour's Place, W1 will
relocate to 141 Wardour Street later this summer, demonstrating the strength
of GPE's strategy in retaining customers and supporting their growth within
its Fully Managed clusters. GPE's customer retention rate for its Fully
Managed product over the past 12 months stands at 91%.

 

With continued leasing momentum, prospects for GPE's next Fully Managed
building at 170 Piccadilly, SW1 remains strong ahead of its launch in
September.

 

Molly Maguire, Flex Leasing Manager at GPE commented: "Building on the success
of our recent leasing, the rate at which we have let Wardour Street, just one
week after project completion, reinforces the strong performance of our Flex
portfolio. We are seeing sustained demand and rental growth across our prime
West End office spaces, and we are confident our latest refurbished buildings
will continue to deliver long-term income and value growth."

 

 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

 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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