Great Portland Estates secures £19m of lettings

14th Oct 2026 10:10

(Sharecast News) - Property development and investment firm Great Portland Estates said on Wednesday that it had secured £19m of lettings in the first half, with deals struck 4.1% ahead of enterprise rental value.

In the second quarter alone, Great Portland signed 19 new leases and renewals worth £5.8m, with market lettings averaging 5% ahead of March 2026 ERV, up from 3.7% in Q1. A further £9.8m of rent was also said to be under offer, 6.7% above ERV.

Across the portfolio, GPE continued to see strong demand for its Fully Managed space. At 16 Dufour's Place in Soho, four new leases took occupancy to 70%, with 9,300 square feet let at £256 per sq ft, slightly ahead of ERV, while at City Tower, the group pre‑let two floors ahead of the next phase of its conversion to Fully Managed workspace, with more than 4,300 sq ft taken by software and AI‑focused tenants.

GPE also fully let the offices at Carrington House in West London, after more than 6,900 sq ft of Fitted lettings at up to £105 per sq ft, an 8.1% ERV beat and a record for the building.

The FTSE 250-listed group completed its 30 Duke Street, St James's development in September, delivered on time and on budget, with all space pre‑let.

Chief executive Toby Courtauld said: "We delivered another strong leasing performance in the first half, signing 40 new leases and renewals generating £19m of annual rent, 4.1% ahead of ERV, with the level of outperformance increasing in the second quarter.

"Despite a more volatile macroeconomic backdrop, demand for our premium spaces remains robust, with our Fully Managed offer performing particularly well. Today, a further £9.8m of rent is under offer, 6.7% ahead of ERV, and with high quality space increasingly scarce across our core central London markets, we are well positioned to maintain this momentum."

As of 1010 BST, Great Portland shares were up 2.03% at 316.70p.

Reporting by Iain Gilbert at Sharecast.com

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