Great Portland Estates Soho property gains further leases

Property developer Great Portland Estates that it has made further lettings at its Soho property that will generate annual rent of over £1m.

The FTSE 250 company has completed lettings at its development at 30 Broadwick Street in London that is expected to generate rent of £1.2m per year on average 9.9% ahead of the March 2016 estimated rental value.

Following the pre-letting to The Ivy Soho Brasserie last June, the remainder of the 8,900 square feet of retail space has been let for rent of £437,500, on minimum 10 year terms to retailers October's Very Own, Nespresso and Bobbi Brown.

Great Portland has also let 6,825 square feet of office space to Exponent Private Equity on a 10 year term with annual rent of £750,750, equating to £110 per square foot, which the company claims is the “the highest office rent ever achieved in Soho”.

The building is now 68% occupied with the letting of four of the six office floors and all the retail space and there is “good interest” for the remaining two floors.

Since the start of January, 47,400 square feet of new lettings have been signed from the company's portfolio, generating a combined annual rent of £3.3m, on average 1.6% ahead of March 2016’s estimated rental value.

About 82,700 square feet of space is currently under offer which would generate about annual rent of £5.5m, with the company’s share being £4.8m per year, which is 3% ahead of March 2016’s estimated rental value.

Leasing director Marc Wilder said "We continue to see healthy tenant demand for prime, well-located space within our portfolio and together these lettings are testament to the quality of our developments."