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Great Portland signs up more tenants at Wells Street development
Great Portland Estates has let 23,700 square feet in two separate lettings at its new 37,400 square foot development at 55 Wells Street, W1, it announced on Thursday.
The FTSE 250 company said the new tenants would occupy the first, and third to sixth floors, and would pay total rent of £2.1m, at an average of 4% ahead of the September 2017 estimated recovery value.
Four of the five floors were let on 10-year leases with no breaks, with the remainder on a 10-year lease with a break at year five.
The transactions left 5,100 square feet of offices remaining on the second floor, alongside 4,200 square feet of community space in the lower ground floor.
Great Portland said 4,400 square feet of restaurant space was pre-let to Ottolenghi in 2017.
Since 31 March last year, the company said it had agreed 65 new leases and renewals, generating annual rent of £24.4m with its own share being £19.3m, with market lettings 2.7% ahead of March 2017 estimated recovery value.
It said it had a further eleven lettings currently under offer which, if completed, would deliver around £8m per annum of rent, of which its share would be £4.3m - 1.7% ahead of September 2017 estimated recovery value.
"The letting of five out of the six office floors is testament to the quality of the design and the hard work of our consultants and the team at GPE," said Great Portland Estates leasing director Marc Wilder.
"With these lettings we have now secured over 86% of the building's GDV within four months of completion, and we have strong interest in the limited remaining space."