Great Portland lets space at 70 Oxford Street to Boom Battle Bar

7th Jul 2021 09:03

(Sharecast News) - Property development and investment company Great Portland Estates has pre-let 15,200 square feet of retail space at 70 Oxford Street to Boom Battle Bar.
Great Portland said on Wednesday that BBB had agreed to a fifteen-year lease at an initial minimum rent of £625,000 per year, plus a turnover top-up.

The FTSE 250-listed firm said the tenant would receive six months' rent-free, plus a landlord contribution of £500,000.

However, GPE did note the letting was conditional upon obtaining a change of planning use and an alcohol licence.

Marc Wilder, Great Portland's leasing director, said: "Retail is evolving to become more experiential and we're delighted that BBB has chosen to open their first central London venue in our best in class development which is located directly opposite Crossrail in the most vibrant part of Oxford Street with adjacencies to Soho, Fitzrovia and Covent Garden.

"The quality and location of the building are clearly resonating with both retail and office occupiers alike and we have encouraging interest in the remainder of the space".

As of 0900 BST, Great Portland shares were up 1.57% at 746.0p.