GPE hunts for more development sites

Great Portland Estates is looking for more development opportunities as rents rise. In an update this morning, GPE said 37 new leases and renewals had been signed in the first half of the year, generating rent of £11.2m and market lettings 13.4% ahead of March’s ERV. Chief executive Toby Courtauld said: “We are seeing healthy demand across our range of high-quality, well-located spaces, signing up customers at rents comfortably ahead of March 2023 rental values.” He added that GPE was “making good progress” across its development and refurbishment programme, to which it has added its 90,000 sq ft Soho Square scheme, which it bought for £70m in August. GPE has now committed to its 66,000 sq ft redevelopment at Jermyn Street, W1, and gained planning for the redevelopment of Minerva House, SE1. It is also reviewing the secretary of state’s refusal to grant planning at New City Court, SE1. Courtauld said its new £250m loan would further enhance GPE’s “significant financial firepower” of £470m, adding: “We will continue to take advantage of market opportunities which we expect to unearth.” “Looking ahead, current market conditions will likely further constrain supply in a market where high-quality space is extremely scarce. As customers compete to secure the next home for their business, we fully expect the gap between the best spaces and the rest to widen. Our clear focus on meeting this demand with our prime sustainable spaces and our market-leading levels of customer service, in core central London locations, means we are well placed.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews Image from GPE