3rd Feb 2009 07:00
Great Portland announces West End Letting
Great Portland Estates plc ("GPE") announces that it has agreed to let 60,887 sq. ft. of offices in its development at Wells & More, 45 Mortimer Street, W1, to New Look, the fashion retailer.
New Look will take 15 year leases on lower ground, ground and first to third floors and pay
£2.58 million per annum, after a rent free period of 15 months. In addition, New Look will receive
£2.5 million by way of capital contribution paid over the first six months of the lease. The rent on the above ground office floors equates to £49.00 per sq. ft. The leases will have tenant break clauses at the fifth and tenth year, with a penalty payable by the tenant on operation of the breaks equivalent to 15 months and 7 months rent respectively.
GPE commenced work on the 112,760 sq. ft. mixed use development in October 2006 completing the building last week. In addition to 4 of the 6 residential flats, 14,383 sq. ft. of retail and 32,310 sq. ft. of offices on the fourth and fifth floors remain available.
Commenting on this letting, Toby Courtauld, Chief Executive of GPE said "We are delighted to welcome New Look as our first tenant at Wells & More. To have let the majority of the office space to a company of New Look's standing and reputation within days of finishing the building is a real testament to its quality".
Contacts:
Great Portland Estates plc
Toby Courtauld 020 7647 3042
Neil Thompson 020 7647 3029
Finsbury Group
James Murgatroyd 020 7251 3801
Gordon Simpson 020 7251 3801
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