GPE commits to Fully Managed Fitzrovia build

Summary by AI BETAClose X

Great Portland Estates PLC has secured a new headlease and development agreement for 7/15 Gresse Street and 12/13 Rathbone Place, extending the term to 2148 and enabling conversion to its Fully Managed offer. This refurbishment will create 42,800 sq ft of workspace, branded as The Howlett, contributing to GPE's Flex offer which now totals 660,000 sq ft. The company has experienced strong leasing momentum in its Fully Managed portfolio, with 148,900 sq ft let or under offer this financial year, generating £35.4 million in annual rent, 7.8% above ERV. Works are expected to conclude by early 2027.

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