Property developer Great Portland Estates reported strong leasing activity in the three months ended 31 December, with market lettings achieved on average 9.1% above March 2025 estimated rental values.
GPE said on Thursday that it had signed 17 new leases and renewals in the third quarter, generating £8.9m in annual rent, including nine fully managed leases producing £7.3m at an average £241 per square foot, and seven new retail deals securing £1.6m at rents 11.7% ahead of ERV.
Year-to-date, GPE said it had completed 60 leases and renewals, delivering £46.5m of annual rent, with lettings on average 7.5% ahead of ERV. Since 1 January, it also said has let a further £900,000 of space and has 109,500 sq ft under offer, which together would add around £14.5m to its rent roll at terms 20.9% above ERV.
GPE added that its fully managed portfolio continued to show strong momentum, with its 141 Wardour Street, W1 building reaching full occupancy within two months of launch, generating £4.4m in annual rent at an average £279 per sq ft, 13.3% above ERV. At 170 Piccadilly, W1, launched in October, 47% of space was already let or under offer, with four deals completed so far producing £2.7m at an average £296 per sq ft.
Chief executive Toby Courtauld said: "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.
"With a robust financial position and best-in-class team, GPE is well placed to drive attractive shareholder returns."
Reporting by Iain Gilbert at Sharecast.com