REG - Great Portland Ests. - GPE secures largest Fully Managed deal with Next

Great Portland EstatesAnnouncement

10/03/2025 07:00

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RNS Number : 8888Z  Great Portland Estates PLC  10 March 2025

10 March 2025

 

 

GPE secures largest Fully Managed office space deal to date with Next in
Fitzrovia

Letting is 11,500 sq ft on a five-year term

 

Great Portland Estates plc (GPE) has today announced that it has secured its
largest Fully Managed deal to date, letting over 11,500 sq ft of Fully Managed
space to FTSE 100 retailer Next at its newly refurbished 31 Alfred Place, WC1.
The space has been let on a five-year term, ahead of ERV.

 

Next has required additional office space to complement their existing London
offices and will be moving into the building at the end of March to occupy a
total of four floors, including the lower ground, duplex, third and fourth
floors.

 

Alfred Place is a newly refurbished 42,000 sq ft Fully Managed building
offering premium offices as well as a communal roof terrace, private terraces
on selected floors, a spacious shared lounge and meeting room suite, and
flexible wellness space. It is located in Fitzrovia, next door to GPE's
recent acquisition Whittington House and opposite another GPE Fully Managed
building, the Courtyard; which recently achieved planning permission. Together
these buildings form an appealing cluster of premium workspaces within walking
distance of the Elizabeth line.

In the three months since launch, GPE has let 24,500 sq ft in the building at
an average rent of £209 per sq ft some 5.45% ahead of ERV. With an additional
2,500 sq ft under offer, only five offices are still available, which are
already receiving strong interest.

 

David Korman, Senior Leasing Manager, commented: "We are delighted to have
completed our largest ever Fully Managed deal with Next and look forward to
welcoming them to the building later this month. The rapid and positive
leasing at Alfred Place highlights the strong demand for our well-located,
amenity rich, premium Fully Managed spaces, while also demonstrating the
expanding appeal to larger corporates that may have initially sought a more
traditional arrangement."

 

GPE will be hosting an Analyst & Flex Webinar on Friday 21 March at 2pm.
Register here: Webinar Registration - Zoom
(https://us02web.zoom.us/webinar/register/WN_nkXGLb9uRf2gTQNNFSieNg#/registration)

 

 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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