13th Sep 2007 07:01
Great Portland Estates PLC13 September 2007 13 September 2007 Great Portland announces West End Pre-Letting Great Portland Estates plc ("GPE") announces that it has agreed to pre-let theentire office element of its major refurbishment and extension scheme at 60Great Portland Street, W1 to The Engine Group, a communications business whichincludes the WCRS advertising agency. The Engine Group will take a twenty year lease over the basement and ground tofifth floors totaling 60,000 sq ft and pay £3,565,000 per annum after aseventeen month rent free period. The office rents range from £65 per sq ft forthe fifth floor to £60 per square foot on the first floor. GPE commenced work on the building in January 2006 and expect to complete by theend of 2007. In addition to the 60,000 sq ft of offices, the development willprovide 20,000 sq ft of showroom space and 9 residential flats. The pre-letting to The Engine Group continues a successful run of lettings sincethe beginning of July, bringing the total for the Group's second financialquarter to 114,000 sq ft, generating an annual rent roll of £6.3 million and atrents ahead of expected levels. These lettings include the remaining space atthe Group's refurbishment at Kent House, Market Place, W1, and 34,000 sq ft atthe refurbished Elsley House, Great Titchfield Street, W1 both leased at recordrents for the buildings being £77.50 per sq ft and £50 per sq ft respectively.In addition, a further 16,000 sq ft has been let at 180 Great Portland Street toDouble Click Europe Ltd at a new rental level for the building of £58 per sq ft. Commenting on these lettings Toby Courtauld, Chief Executive of GPE said; "Theselettings build on the Group's strong performance during the first quarter andprovide a powerful endorsement for the quality of our refurbishments andredevelopments. With the supply of new offices in the West End continuing tofall and demand levels remaining robust despite current difficulties in thefinancial markets, we continue to be optimistic about the prospects for furtherrental growth". Contacts: Great Portland Estates plcToby Courtauld Chief Executive 020 7647 3042Neil Thompson Development Director 020 7647 3029 Finsbury GroupGordon Simpson 020 7251 3801 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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