REG - Great Portland Ests. - Q3 leasing update

Great Portland EstatesAnnouncement

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RNS Number : 9506O  Great Portland Estates PLC  15 January 2026

 

15 January 2026

 

Q3 leasing update

Great Portland Estates plc (GPE) publishes a leasing update for the quarter to
31 December 2025.

Toby Courtauld, Chief Executive, said: "We have delivered another strong
quarter of leasing, with market lettings 9.1% ahead of the March 2025 ERV.
Healthy demand for our premium spaces continued, with more than £47 million
of lettings so far this financial year and a further £15 million under offer.
We remain on track to deliver an exceptional leasing year, underscoring the
quality of the space we are creating and the consistently high standards of
service we provide to our customers.

Whilst current global macro-economic conditions are unpredictable, we head
into the final quarter with positive momentum. Prime occupational demand is
well ahead of the long-term average, driving good interest across our on-site
developments and Fully Managed offices. Following six strategic West End
acquisitions, our priority for the year ahead turns to capitalising on
improving investment market liquidity to crystallise returns from our
development programme. With a robust financial position and best-in-class
team, GPE is well placed to drive attractive shareholder returns."

 

Strong leasing success; outperforming ERV by 9.1% in quarter

·      17 new leases and renewals signed in the quarter, generating
annual rent of £8.9 million (our share: £8.5 million), with market lettings
on average 9.1% ahead of March 2025 ERV; including

o   Nine Fully Managed leases signed, generating £7.3 million of rent roll
at an average £241 per sq ft; 8.3% ahead of March 2025 ERV; and

o   Seven new retail leases signed securing £1.6 million of rent with
market lettings 11.7% above March 2025 ERV.

·      In total, 60 new leases and renewals were signed in the first
nine months of the financial year, generating annual rent of £46.5 million
(our share: £45.4 million), with market lettings on average 7.5% ahead of
March 2025 ERVs (offices: 7.4%; retail: 8.8%);  and

·      Since 1 January, we have let a further £0.9 million of space and
have a further 109,500 sq ft under offer which together would deliver
approximately £14.5 million p.a. in rent roll, with market lettings 20.9%
ahead of March 2025 ERV.

Leasing highlights in the quarter

Our Fully Managed portfolio continues to demonstrate robust leasing momentum,
especially within our latest refurbishment projects. At 141 Wardour Street,
W1, we achieved full occupancy, including the retail unit, just two months
after launch, underscoring the strong demand for our premium, service-led
workspaces. The building is now 100% let and will deliver £4.4 million in
annual rent from the refurbished office space, translating to an average of
£279 per sq ft, some 13.3% above the March 2025 ERV.

In October, we launched our newly completed refurbishment at 170 Piccadilly,
W1. Given the premium nature of the space and its prestigious location,
leasing activity has been strong with 47% already let or under offer. To date,
we have completed four Fully Managed leasing deals in the building, generating
£2.7 million in annual rent at an average rent of £296 per sq ft. Notably,
one of the smaller units achieved a rent in excess of £400 per sq ft, and we
currently have two additional units under offer.

For further details visit https://www.170piccadilly.co.uk/
(https://www.170piccadilly.co.uk/)

The largest retail letting in the quarter was at 30 Duke Street, SW1, where we
pre-let the 2,740 sq ft retail unit on Piccadilly to L'Eto, the restaurant
group. Interest in the remaining retail unit remains strong, with the space
currently under offer. Upon completion, this best-in-class development will be
fully leased, underscoring the enduring demand for high-quality office and
retail destinations within our portfolio.

 

 

 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                                                                                                                                                         +44                                   (0)                                   20                                    7251                                       3801
 James
 Murgatroyd
 Gordon
 Simpson

 

For further information see www.gpe.co.uk or follow us on X at @GPE_London

LEI Number: 213800JMEDD2Q4N1MC4

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