Great Portland Estates secures three new fully managed leasing deals

(Sharecast News) - Property developer Great Portland Estates said on Monday that it had secured three new fully managed leasing deals, totalling 11,720 square feet of "premium, refurbished office space". Great Portland said the new leasing deals, which were across its SIX St Andrew Street, EC4 and 31/34 Alfred Place, WC1 properties, had provided it with a further £2.5m in annual rent at an average of £212 per square foot, 2.8% ahead of March's estimated rental value.

At SIX, two additional floors were leased to "a world leader in business news" and a blockchain analytics firm, while EKU Energy took 2,430 square feet at Alfred Place. As a result, Great Portland stated that SIX and 31/34 Alfred Place were now 74% and 82% let, respectively.

The FTSE 250-listed firm also highlighted that fully managed leasing activity further accelerated in the second quarter, with eight deals completed so far, surpassing the five secured in Q1. Additionally, GPE said a further eight fully managed deals were currently under offer.

"To date, together with the space under offer, the group's fully managed deals total 69,800 square feet, which will generate £16.5m in annual rent, some 6.9% ahead of the March 2025 ERV," said Great Portland.

"This sustained demand for our premium fully managed offer reinforces our confidence ahead of the imminent completion of 170 Piccadilly, SW1, later this month, as we continue to grow our Flex offering, which today comprises approximately 582,000 square feet across 26 central London buildings."

Reporting by Iain Gilbert at Sharecast.com