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Investing.com -- Great Portland Estates (LON:GPEG) (LON:GPOR) has completed its latest fully-managed building at 141 Wardour Street in London’s West End, with approximately two-thirds of the refurbished office space already let or under offer.
The property’s 5,200 square foot flagship retail unit, which was pre-let to REPRESENT in April, has now opened for business.
Once completed, the fully-managed deals across 15,900 square feet are expected to generate £4.4 million in annual rent at an average of £277 per square foot, which is 14% above the March 2025 estimated rental value (ERV).
With these new leases, total Flex (NASDAQ:FLEX) leasing across Great Portland Estates’ portfolio for the current financial year is set to reach 60,800 square feet, securing £13.0 million in annual rent.
The first floor of the Wardour Street property has been let to Wunderkind, which will relocate from GPE’s 16 Dufour’s Place later this summer. Three additional floors are currently under offer.
Great Portland Estates reported that its customer retention rate for fully-managed properties over the past 12 months stands at 91%.
This development follows several recent transactions by the company, including a £20.6 million leasing announcement on July 3, when the company reiterated its rental growth guidance of 4% to 7%.
In late June, the company also reported a letting at £102 per square foot, 12% ahead of ERV, and in May announced the £42 million sale of Challenger House in Whitechapel.
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