Great Portland Estates extends headlease on key project

(Sharecast News) - Great Portland Estates has secured a new headlease on a major central London project, the FTSE 250 landlord confirmed on Wednesday. The headlease and development agreement has been signed with the trustees of the Evelyn Estate, and will see GPE refurbish 7-15 Gresse Street and 12-13 Rathbone Place in Fitzrovia, within walking distance of Tottenham Court Road.

The new lease extends the term by 20 years, with expiry now due in 2148.

Once completed, the buildings - to be rebranded The Howlett - will provide 42,800sq ft of fully managed workspace across five floors. Planning consent was granted by Westminster City Council in September, with works scheduled to complete in early 2027.

The project is part of GPE's specialist flexible office space offering, which now totals 660,000sq ft, or around 30% of the portfolio.

Trevor Phyo, senior development manager at GPE, said the new headlease "unlocks our ability to create a fully managed workspace in one of London's most sought after locations.

"The Howlett will set a new benchmark, delivering the kind of flexible, design-led space the market is demanding."

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