Great Portland Estates lets 93,000 sq ft since July

Great Portland Estates announced on Tuesday that it had completed 92,800 sq ft of lettings since 1 July, generating a combined annual rent of £7.9m, with GPE’s share at £7.1m and market lettings broadly in-line with March 2016 ERV.

The FTSE 250 firm said these resulted in total lettings of 158,900 sq ft since the start of the financial year on 1 April, generating a combined annual rent of £11.5m, with GPE’s share at £10.3m.

Of the 13 lettings since 1 July, the most notable included 73/89 Oxford Street, W1 - known as 1 Dean Street - where 33,100 sq ft of offices were pre-let to Moneysupermarket.com Group.

MSM will occupy the third, fourth and fifth floors on a 15 year term, with a break at ten, paying annual rent of £2.7m.

GPE said MSM also has a right of first offer, exercisable in December 2016, to pre-let the remaining 9,500 sq ft sixth floor, with the two retail units already pre-let to New Look and Benetton.

At 30 Broadwick Street, W1, the third floor of 14,600 sq ft was pre-let to EQT, the European private equity business, on a 15 year term with a break at ten, paying annual rent of £1.3m.

Together with the pre-letting in late June of the 7,950 sq ft restaurant unit to The Ivy Soho Brasserie, GPE said the building is now 25% pre-let ahead of completion later this month, with good interest in the remainder.

At Mount Royal, 508/540 Oxford Street, W1, in early October, GPE said it agreed a back-to-back surrender and re-letting to replace an existing retailer with Holland & Barrett at the prime retail site at the western end of Oxford Street.

Holland & Barrett will occupy the 10,200 sq ft store on a 10 year lease paying annual rent of £1.6m, 26.0% ahead of the previous passing rent and capturing a significant reversion.

“We are pleased with the continued leasing momentum across our portfolio and our most recent pre-lettings have further de-risked our committed development programme, now being around 70% pre-let or pre-sold,” said chief executive Toby Courtauld.

“With a further £4.4m of space currently under offer, the limited available space across our portfolio continues to attract healthy leasing interest.”