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Great Portland Estates PLC on Thursday celebrated its largest ever letting, rounding off a successful final quarter last year.
For the quarter to December 31, the FTSE 250-listed, London-based real estate investment trust signed 29 new leases and renewals, generating annual rent of £34.3 million.
Market lettings were on average 2.1% ahead of March 2022 estimated rental values.
The company hailed its largest ever pre-let at 2 Aldermanbury Square of £24.7 million on a 20-year term.
The transaction pre-let all 321,100 square feet of office space to international law firm Clifford Chance LLP. Demolition of the existing building has since begun, and is expected to finish in December 2025.
Great Portland also secured six fitted and two fully managed leases over the period, achieving on average £196 per square foot, 7.1% ahead of March ERV.
‘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,’ said Chief Executive Toby Courtauld.
In total, Great Portland has now signed 629,100 square feet of new lettings since the start of the financial year on April 1, 2022, generating a combined annual rent of £50.9 million.
With market lettings 2.8% ahead of March 2022 ERV, this surpasses the company’s previous record of £38.5 million for the year ended 31 March 2022, with three months of the 2023 financial year still remaining.
‘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,’ Courtauld added.
Great Portland shares were trading 3.6% higher at 560.00 pence each in London on Thursday morning.
By Holly Beveridge; Alliance News reporter
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