TIDMGPE
RNS Number : 8886V
Great Portland Estates PLC
12 April 2023
12 April 2023
GPE completes record leasing year
Great Portland Estates plc (GPE) publishes a leasing update for
the quarter to 31 March 2023.
Toby Courtauld, Chief Executive, said: "A good final quarter
completes a record leasing year for GPE as we continued to see
sustained demand for our high quality spaces, particularly for our
Fitted and Fully Managed products. Whilst the macro-economic
volatility persists, we remain confident that we are well placed
for these market conditions. We anticipate that the uncertain
outlook in the near term will exacerbate the shortage of new
deliveries in central London, supporting rents for the best spaces
and, given our low levels of leverage, present opportunities in the
investment market to add to our development pipeline and expand our
Fitted and Fully Managed offers. "
New leasing record; GBP55.5 million signed in the year 3.3%
ahead of March 2022 ERV
-- 11 new leases and renewals signed in the quarter generating
annual rent of GBP4.4 million (our share: GBP4.4 million), with
market lettings on average 8.9% ahead of March 2022 ERV;
-- In total, 105 new leases and renewals signed in the year
generating annual rent of GBP55.5 million (our share: GBP52.8
million), with market lettings on average 3.3% ahead of March 2022
ERV, including:
o our largest ever pre-let at 2 Aldermanbury Square, EC2;
GBP24.7 million, 20-year term; with all the planning conditions met
the agreement for lease with Clifford Chance is now
unconditional;
o 17 Fitted and 14 Fully Managed leases signed, achieving on
average GBP181 per sq ft on the fully managed space, 8.2% ahead of
March 2022 ERV; and
o 35 new retail leases securing GBP10.2 million of rent with
market lettings 9.1% below March 2022 ERV, including leasing all
the retail units at 70/88 Oxford Street, W1;
-- 11 rent reviews were settled securing GBP11.5 million of
annual rent (our share: GBP6.3 million), 2.6% ahead of the previous
passing rent;
-- total space covered by new lettings, reviews and renewals was 861,200 sq ft;
-- a further GBP4.8 million of rent under offer, market lettings
14.2% ahead of March 2022 ERV; and
-- 99.5% of rent charged collected within seven working days
(quarter to June and month of April).
During the quarter, we let a further 27,900 sq ft of office
space at The Hickman in two lettings, both on Fitted terms. The
first customer will occupy the offices on the third and fourth
floors (23,250 sq ft) on ten-year leases with a break at year
seven. The second has moved from a nearby location and now occupies
the 2(nd) Floor (North), 4,650 sq ft on a Fitted basis and a 37
month term. The Hickman is now more than 90% let.
At 45 Mortimer Street, W1 we let 5,530 sq ft on a Fitted basis
to a management consultancy firm, who have taken a two year lease
paying a rent of GBP140 per sq ft, a 107% increase on the previous
ready to fit rent (on a per sq ft basis).
We have also let the final retail unit at 70/88 Oxford Street,
W1 to The Fragrance Shop, the UK's largest independent fragrance
retailer, for their new global store concept in London. The brand
will occupy Unit 2 (2,300 sq ft) and will benefit from a prominent
eight metre double-height frontage as well as being on the doorstep
of the Elizabeth line. This completes the leasing at our 1 Newman
Street and 70/88 Oxford Street, W1 development.
Disposal of net zero carbon development
In February, we achieved practical completion and the subsequent
sale of 50 Finsbury Square, EC2, which, has now been verified as
our first net zero carbon development by Arup in accordance with
the UK Green Building Council publication 'Net Zero Carbon
Buildings - A Framework Definition'. The headline sales price of
GBP190.0 million reflects a topped up net initial yield of 3.85%
and capital value of GBP1,471 per sq ft (or GBP1,690 per sq ft on
expiry of rent frees).
Annual Results 2023
GPE will be announcing its full-year results on 24 May 2023.
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
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END
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