GPE has hit a retention rate of 91% for customers in its fully managed flex space at break or expiry over the past year, significantly ahead of its 50% underwrite assumption.
The deals secured an average rental uplift of more than 12% or 6% per annum and will deliver around £6.5m of annual rent, 10% ahead of ERV and generating a 97% net cashflow beat compared to traditional ready to fit space.
Chief financial and operating officer Nick Sanderson said: “We are seeing strong demand and leasing momentum for our premium workspaces across our growing fully managed building clusters. Equally, our retention rates demonstrate that as well as providing great spaces our team is also delivering market leading customer experience.”
