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Great Portland Estates secures final lettings at SIX
(Sharecast News) - Property developer Great Portland Estates said on Thursday that it has leased the final remaining office space at SIX St Andrew Street, EC4, completing leasing at the fully managed development. Great Portland said the third and fourth floors of the building, totalling 11,680 square feet, have been let to an AI company and, as a result, the building has now been fully occupied - generating £8.8m of annual rent at an average of £200 per square foot, 6.2% ahead of enterprise rentail value, delivering a 6.2% yield on cost.
The FTSE 250-listed firm stated the letting reflected "the strong momentum" in its fully managed portfolio, where leasing activity accelerated during the final quarter of the trading year, supported by record levels of viewings and enquiries, with 19 deals completed and a further seven currently under offer.
Great Portland's Molly Maguire said: "Completing the leasing campaign at SIX marks a great milestone for our Fully Managed portfolio. Demand continues to be driven by customers looking for high quality, flexible workspace in well-connected central locations, and SIX has proven to be an excellent example of how that proposition resonates."
As of 0900 BST, Great Portland shares were up 0.65% at 310.60p.
Reporting by Iain Gilbert at Sharecast.com
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