Great Portland Estates seals £6m of rents
GREAT Portland Estates said yesterday it had secured 117,000 square feet of lettings in the first quarter of the year, generating £6.1m of annual rent, after drawing big tenants to its West End schemes.
The property developer completed 22 leases during the three months to March, following on from a record year, when it made 84 lettings.
Great Portland’s share of the annual rent totalled £4.5m as some of the buildings are joint-owned with other property firms.
“We have begun this financial year as we finished the last, attracting numerous businesses to our well-designed, centrally located properties,” chief executive Toby Courtauld said.
“With a growing London economy and a scarcity of quality space to let, we expect to continue this positive momentum, beating ERVs across our significant development programme,” he added.
The company has signed further deals since the end of the quarter with tenants, including Lionsgate, the Canadian-American film company, which has agreed to take the top floor of Great Portland’s Wells & More building on Mortimer street at £75 per square foot.