REG - Great Portland Ests. - Strong leasing momentum at new Fully Managed space

Great Portland EstatesAnnouncement

28/01/2025 07:00

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RNS Number : 8460U  Great Portland Estates PLC  28 January 2025

28 January 2025

 

GPE announces strong leasing momentum at new Fully Managed scheme in
Farringdon

 

Great Portland Estates plc (GPE) has today announced it has let over 11,300 sq
ft of Fully Managed office space at its recently completed refurbished scheme
at 6 St Andrew Street, EC4 (SIX), adding to its growing portfolio of Fully
Managed offices.

The space has been let both faster than GPE's underwrite and ahead of ERV, at
an average rent of £203 per sq ft, to three new customers all set to move in
over the next month.

·      Treatwell, the hair and beauty booking platform, has signed for
5,490 sq ft and will occupy the 1(st) floor for a two-year term. This will be
the brand's latest central London office;

·      Clavium, a software development company, has signed for 4,648 sq
ft and will occupy the 7(th) floor for a four-year term (with a break at year
two); and

·      The Green Finance Institute (GFI), a not-for-profit advisory firm
that accelerates the transition to a green economy globally through capital
mobilisation, has signed for 1,220 sq ft and will occupy the Ground floor
office for a two-year term (with a break at 18 months).

SIX is a 48,000 sq ft Fully Managed building located in Farringdon. The
building provides eight floors of newly refurbished offices, with workspaces
that range from 1,200 - 5,800 sq ft as well as shared spaces including, a
communal lounge and boardroom, a rooftop terrace and cookery classroom, and a
wellness studio in the basement.

Nick Sanderson, Chief Financial & Operating Officer, commented: "We're
thrilled to have let over 25% of the building in the short window since
launching SIX to the market in November. Having completed these three deals at
an average of 12.7% ahead of ERV and a cashflow beat of 63%, together with
good interest in the remainder of the space, reaffirms the strength of demand
for our Fully Managed spaces, which provide high quality, hassle-free work
experiences for our customers."

James Hanlon, Chief People Officer & General Counsel at Treatwell, added:
"Treatwell is proud to be one of the first customers of this incredible
building in another outstanding location, and we are super keen to work with
the GPE team to put our own stamp on it. We are a pan European brand with
unique offices in every market we serve and are delighted that our new London
home is SIX."

 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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