Great Portland pre-lets two floors at Hanover Square

Property developer Great Portland Estates has pre-let 53,900 square feet of office space at its Hanover Square project to natural resources firm Glencore.

Great Portland leased the second and fourth floor of the West London site to Glencore on three separate 20-year leases via its 50/50 joint venture with the Hong Kong Monetary authority, GHS.

In 2018, the FTSE 250 resident pre-let 57,200 square foot on the fifth and eighth floors to investment firm Kohlberg Kravis Roberts & Co on fifteen-year leases, leaving only the first floor of the nine-storey building available.

Chief executive Toby Courtauld said: "This has been a rare opportunity to create a world-class development, on a premier garden square, in the heart of Mayfair. We have been delighted by the strong occupier interest, and to have attracted both Glencore and KKR to 18 Hanover Square is a testament to its quality.

"To date, we have secured 41% of the overall gross development value of the scheme, 18 months ahead of practical completion, and we are encouraged by further leasing discussions ongoing on much of the remaining space."