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Great Portland Estates inks four new fully managed leasing deals
(Sharecast News) - Property developer Great Portland Estates has inked four new fully managed leasing deals at its 201,000-square-foot Piccadilly Estate in West London. Great Portland Estates said on Thursday that the refurbished 6,700 square feet of space was let 13.7% ahead of enterprise rental value, securing £1.6m of annual rent at an average of £240 per square foot, representing a net premium of 98% to traditional ready-to-fit leases.
The FTSE 250-listed firm stated all four customers were from the financial services sector or were family offices, with all set to be in their new space by the end of the month.
Simon Rowley, director at GPE's Flex Workspaces unit, said: "We are continuing to let our Fully Managed space at a rapid rate across our portfolio. Including these latest deals in Piccadilly, we've already completed 10 Fully Managed transactions across circa 30,000 sq ft in the six weeks since the start of January. With the increasing scarcity of premium Fully Managed offices in our core locations, we expect to continue beating our Fully Managed leasing targets."
As of 0915, GPE shares were untraded at 287.0p.
Reporting by Iain Gilbert at Sharecast.com
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