GPE leases first floor at wells&more in W1

(Sharecast News) - Property developer Great Portland Estates said on Thursday that it has leased the first floor at its wells&more site in West London. Great Portland said the letting marked the completion of its "successful repositioning" of the building, securing an average rent of £102 per square foot on refurbished floors, 12% ahead of estimated rental value and increasing the rental income of the space by 55%.

The FTSE 250-listed firm stated the building was now 93% let, with just 7,625 sq ft yet to be leased, and noted that leasing activity has driven a "significant uplift in income", with passing rent on the refurbished floors increasing from £2.2m to £3.4m.

GPE's Richard Carson said: "This latest letting secures a significant rental uplift for GPE and highlights the strong demand for our best-in-class, Ready to Fit workspace, perfectly suited to meet the needs of global brands looking to grow in central London."

As of 1020 BST, Great Portland shares were down 0.56% at 354.50p.



Reporting by Iain Gilbert at Sharecast.com