IN BRIEF: Great Portland agrees Fitzrovia headlease and refurbishment

Great Portland Estates PLC - London-based office building developer and landlord - Completes headlease and development agreements with Evelyn Estate trustees to refurbish two buildings at Gresse Street and Rathbone Place in London’s Fitzrovia district, which it says will provide 42,800 square feet of workspace across five floors. Headlease extends the term by 20 years with expiry in 2148. The properties will form part of GPE’s Flex offer, which covers 660,000 square feet or around 30% of its portfolio, and will be rebranded as The Howlett. Westminster City Council granted planning consent in September, and GPE expects to complete works by early 2027. ‘This commitment builds on strong leasing momentum across our fully managed portfolio, with 148,900 [square feet] of space let or under offer so far this financial year, amounting to £35.4 million of annual rent, 7.8% ahead of [estimated rental value],’ GPE says.

‘We are delighted to secure this new headlease which unlocks our ability to create a flagship fully managed workspace in one of central London’s most sought after locations,’ says GPE Senior Development Manager Trevor Phyo. ‘The Howlett will set a new benchmark, delivering the kind of flexible, design?led space the market is demanding and our customers love.’

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