GPE secures 20 new lettings in ‘strong’ quarter
Great Portland Estates has announced a “strong operational performance” for the past three months as it announced a 5.7% increase in its rent roll to £115.9m.
GPE has secured 20 new lettings totalling 94,500 sq ft. Significant deals included Carlton Communications taking 23,400 sq ft at 200 Gray’s Inn Road, WC1, for a combined annual rent of £1.4m.
Ten rent reviews were settled securing £3.8m per annum; 62% above previous passing rent and 3.4% ahead of ERV.
Great Portland Estates has announced a “strong operational performance” for the past three months as it announced a 5.7% increase in its rent roll to £115.9m.
GPE has secured 20 new lettings totalling 94,500 sq ft. Significant deals included Carlton Communications taking 23,400 sq ft at 200 Gray’s Inn Road, WC1, for a combined annual rent of £1.4m.
Ten rent reviews were settled securing £3.8m per annum; 62% above previous passing rent and 3.4% ahead of ERV.
GPE said it has a further 26 lettings under offer totalling £13.1m pa of rent, which was 1.3% ahead of March 2017 ERV.
The group has increased its “Crossrail exposure” through the freehold purchases of Cityside and Challenger House, 40/42 Adler Street and 2/8 Whitechapel Road, E1, for £49.6m.
It has three committed schemes totalling 350,000 sq ft, all expected to complete in the next eight months, and a further 1.3m sq ft “flexible medium-term development pipeline” of 12 schemes, all income-producing, with four years average lease length.
Chief executive Toby Courtauld said: “Despite the ongoing uncertain economic and political environment, we continue to attract tenants for our brand of high quality, well located, sensibly priced space with £13.1m of lettings currently under offer at a 1.3% premium to March 2017 ERVs.
“GPE is in great shape with exceptional long-term potential: our recent refinancing successes and four years of net sales activity gives us unprecedented financial capacity; our investment portfolio is well let, off low average rents and with significant reversionary potential; our remaining committed development programme is materially de-risked, being 67% prelet or pre-sold with strong tenant interest in much of the balance; our exceptional income-producing development pipeline offers more than 1.7m sq ft of flexible future growth potential; and we have a first-class team ready to capitalise on this period of uncertainty.”
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