Great Portland Estates (GPE) has reported “excellent” leasing activity in the fourth quarter of its financial year to the end of March, with 28 new leases and renewals signed, capping a “record leasing year” for the central London office landlord.
The Delft, previously Minerva House, will complete in spring 2027
During the quarter, 20 fully managed flex leases were signed at an average rent of £233/sq ft, plus five leases for fitted space and a major pre-let to AI firm Quantexa at Minerva House on the Thames in central London.
Combined, the new leases will generate an annual rent of £24.4m, with market lettings on average 15.8% ahead of March estimated rental values (ERV).
The Q4 deals bring total leasing for the financial year to £70.9m at 10.3% above ERV on average, reflecting strong demand for best-in-class workspace and “momentum in our fully managed offer”, according to GPE chief executive Toby Courtauld.
“Despite a volatile macroeconomic backdrop, this has been an excellent finish to the year. We have further leasing under offer and a strong pipeline of new space in production, and so we start the new financial year with positive momentum.”
The firm sold around £490m of assets during the year in a drive to recycle capital, at 2% above March 2025 book value, and Courtauld said the proceeds were being reinvested into new West End refurbishment opportunities at a significant discount.
In March, GPE sold West End office 45 Mortimer Street to Feldberg for £172m, and earlier this month disposed of Uniqlo’s Regent Street store and offices to a private client of JLL for £52m.
Also in March, GPE completed 2 Aldermanbury Square, its largest office development to date at 321,650 sq ft, which is 100% pre-let.
The firm added that it settled seven rent reviews in Q4 at an average 49% above previous passing rent. New leases totalling £6.4m of rent are currently under.
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