TIDMGPE
RNS Number : 4534M
Great Portland Estates PLC
12 January 2023
12 January 2023
Quarterly leasing update
Great Portland Estates plc (GPE) publishes a leasing update for
the quarter to 31 December 2022.
Toby Courtauld, Chief Executive, said:
"We are pleased to announce that the leasing momentum we
reported with our Interim Results continued through to the end of
the 2022. In a strong quarter, we signed our largest ever pre-let
at 2 Aldermanbury Square, with Clifford Chance, and made
substantial progress leasing the remainder of our retail space at
our Hanover Square and 70/88 Oxford Street developments.
With robust demand for the best spaces in central London, we
remain confident in the attractions of our highly sustainable,
flexible, tech-enabled spaces in a market where high quality
product is increasingly scarce. Plus, given the combination of our
low levels of leverage and the talents of our experienced team, we
are well placed to benefit from opportunities as they arise."
New leasing record including largest ever letting at 2
Aldermanbury Square, EC2
-- 29 new leases and renewals signed in the quarter generating
annual rent of GBP34.3 million (our share: GBP33.1 million), with
market lettings on average 2.1% ahead of March 2022 ERV,
including:
o our largest ever pre-let at 2 Aldermanbury Square, EC2;
GBP24.7 million, 20-year term;
o six Fitted and two Fully Managed leases, achieving on average
GBP196 per sq ft on the fully managed space, 7.1% ahead of March
2022 ERV; and
o eleven new retail leases securing GBP4.6 million of rent with
market lettings 12.6% below March 2022 ERV, including significant
letting to Reserved at 70/88 Oxford Street, W1;
-- one rent review was settled securing GBP0.8 million of annual
rent (our share: GBP0.4 million), 9.4% ahead of the previous
passing rent;
-- total space covered by new lettings, reviews and renewals was 438,000 sq ft;
-- a further GBP2.0 million of rent under offer, market lettings
20.1% ahead of March 2022 ERV; and
-- 99% of rent charged collected within seven working days
(quarter to March and month of January).
The largest transaction in the period was the pre-let of all
321,100 sq ft of office space at our 2 Aldermanbury Square, EC2 net
zero carbon development to leading international law firm Clifford
Chance LLP (Clifford Chance). Clifford Chance will pay an initial
rent of GBP77.00 per sq ft on a twenty year term and benefit from
an initial 38 months' rent free(1) . Demolition of the existing
building has commenced with completion anticipated in December
2025.
We also anticipate that we will achieve practical completion at
50 Finsbury Square, EC2 in the coming week, with the lease to
Inmarsat, and sale of the building, completing shortly
thereafter.
Strong retail progress
There has been strong leasing momentum in our retail space. At
70/88 Oxford Street, W1, we leased a new London flagship store to
Reserved (19,645 sq ft) on the ground and first floors. In
December, we also leased a further unit to the jewellery brand
Pandora (3,675 sq ft). The retail space at the building is now 96%
let or under offer.
At Hanover Square, W1, we achieved three further retail lettings
to premium brands on New Bond Street with Bang & Olufsen (4,000
sq ft), Dsquared2 (4,700 sq ft) and Hackett (2,350 sq ft). Bang
& Olufsen will occupy 72 New Bond Street showcasing the iconic
brand's high-end quality speakers, headphones and sound
accessories, Dsquared2 will launch its new London flagship at 67
New Bond Street and Hackett at unit 69 for its first ever
standalone concept store, '14 Savile Row, by Hackett'. All of the
retail space is now let, with the exception of a small unit which
is under offer.
In total, GPE has now signed 629,100 sq ft of new lettings since
the start of the financial year (1 April 2022), generating a
combined annual rent of GBP50.9 million (GPE share: GBP48.2
million), with market lettings 2.8% ahead of March 2022 ERV. This
surpasses our previous record of GBP38.5 million for the year ended
31 March 2022, with three months of the 2023 financial year still
remaining.
1. See Announcement dated 15 November 2022.
Great Portland Estates plc +44 (0) 20 7647 3000
Toby Courtauld, Chief Executive
Nick Sanderson, Chief Financial & Operating
Officer
Stephen Burrows, Director of Financial Reporting
& IR
FGS Global
James Murgatroyd +44 (0) 20 7251 3801
Gordon Simpson
For further information see www.gpe.co.uk or follow us on
Twitter at @GPE_plc
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDFLFEDLFILLIV
(END) Dow Jones Newswires
January 12, 2023 02:00 ET (07:00 GMT)
Great Portland Estates (LSE:GPOR)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Great Portland Estates (LSE:GPOR)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024
