Pre-let agreement
Great Portland Estates PLC
02 December 2003
2 December 2003
Great Portland Estates secures 20,000 sq ft West End pre-letting and lowers void
rate
Great Portland Estates plc ('GPE') has pre-let its proposed 20,000 sq ft
refurbishment scheme at 95 New Cavendish Street, London W1 to construction
consultants Gleeds for a 15 year term with a tenant option to break in the 10th
year.
Only last month GPE announced its intention to refurbish the building following
the departure of Grey Advertising in September. The majority of the
refurbishment works will be overseen by Gleeds prior to their planned occupation
in the spring of next year. Gleeds will be paying a headline rent of £30 per sq
ft and will be given an 18 month rent free period as part of the agreement.
Robert Noel, Property Director at GPE said: 'The emergence of this area of
London as a preferred location for larger scale office occupiers is gathering
momentum, and this is why we are striving to provide good quality efficient
floor plates into the next cycle. That we have been able to attract this
eminent firm so quickly after gaining vacant possession at the end of September
is very positive.'
Since 30 September 2003 GPE has completed lease renewals, lease restructurings
and new lettings on over 120,000 sq ft with a combined rent roll of over £2.8m
per annum. Following these transactions the void rate across the central London
portfolio has fallen to 1.8%, down from 2.2% at the interim stage. The
percentage of the Group's development programme now subject to pre-letting
agreements has increased from 4% to approximately 17%.
Contacts:
Great Portland Estates plc 020 7580 3040
Toby Courtauld, Chief Executive
Robert Noel, Property Director
Finsbury Group 020 7251 3801
Edward Orlebar
This information is provided by RNS
The company news service from the London Stock Exchange
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