Great Portland Estates (LSE:GGP) reported a strong leasing performance for the quarter, with new lettings achieved at an average of 9.1% above the March 2025 estimated rental value (ERV), the company said on Thursday.
During the period, the property group secured £8.9 million of new rental income. Fully Managed office leases accounted for £7.3 million, achieved at £241 per square foot and representing an 8.3% premium to ERV. Retail activity also remained firm, with new retail leases contributing £1.6 million of rent at an average 11.7% uplift to ERV.
Since the start of the financial year, Great Portland Estates has completed 60 lease transactions, generating total rent of £46.5 million at an average 7.5% above ERV. A further £14.5 million of rental income is currently under offer, reflecting a premium of 20.9% to ERV.
Leasing momentum was particularly evident across refurbishment schemes. The 141 Wardour Street development reached full occupancy within two months of launch, with rents achieved at £279 per square foot, or 13.3% above ERV. At 170 Piccadilly, 47% of space is now let or under offer, with headline rents reaching as high as £400 per square foot.
Retail demand also remained resilient, supported by a pre-let agreement with L’Eto at 30 Duke Street. In total, the company completed seven new retail leases during the quarter, securing £1.6 million in rental income.
Commenting on the update, Toby Courtauld, chief executive of Great Portland Estates, said: “We have delivered another strong quarter of leasing, with market lettings 9.1% ahead of the March 2025 ERV. Healthy demand for our premium spaces continued, with more than £47 million of lettings so far this financial year and a further £15 million under offer.”
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