GREAT PORTLAND Estates (GPE) said yesterday it enjoyed a strong spate of lettings in the final three months of the year as offices in the West End continued to be in hot demand.
The FTSE 250 property developer signed 20 new lettings totalling 116,300 square feet in the final quarter to 31 December, with a combined rent of £6.3m.
As a result, investment lettings were 4.9 per cent ahead of March 2014 rental values.
Its biggest letting was luxury group Richemont, which snapped up an entire office building Walmar House on Regent Street totaling 37,700 sq ft.
Toby Courtauld, chief executive of GPE, said: “As one of the world’s leading luxury goods companies, their decision to relocate here is a great endorsement of the building’s quality.”
“This deal capped another strong leasing quarter for the group and, with robust demand for good quality London offices and sparse availability, we can expect healthy rental value increases during 2015,” he added.
Shares edged 0.75 per cent higher last night to 743.5p.