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Great Portland Estates enjoys growth in West End rentals

Great Portland Estates has made 116,300 square feet of lettings during a successful quarter to the end of December 2014.

GENERAL MERCHANDISE

Great Portland Estates enjoys growth in West End rentals

Great Portland Estates has made 116,300 square feet of lettings during a successful quarter to the end of December 2014.

The property group, which covers London’s West End, said 20 new lettings were signed during the period for a combined rent of £6.3 million with the investment lettings 4.9% ahead of March 2014 rental values. The lettings helped the value of the group’s property portfolio to climb by 5.2%.

Rental value growth for West End retail was 3.9% in the period.

The new lettings included the leasing of the refurbished Walmar House in Regent Street to luxury goods group Richemont, the owner of Cartier and Van Cleef & Arpels.

Toby Courtauld, chief executive of Great Portland Estates, said: “We are delighted to welcome Richemont to Walmar House. As one of the world’s leading luxury goods companies, their decision to relocate here is a great endorsement of the building’s quality. This deal capped another strong leasing quarter for the group and, with robust demand for good quality London offices and sparse availability, we can expect healthy rental value increases during 2015.”

 

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