10 March 2025
GPE
secures largest Fully Managed office space deal to date with
Next in
Fitzrovia
Letting is 11,500 sq ft on a five-year term
Great Portland Estates plc (GPE) has
today announced that it has secured its largest Fully Managed deal
to date, letting over 11,500 sq ft of Fully Managed space to FTSE
100 retailer Next at its newly refurbished 31 Alfred Place, WC1.
The space has been let on a five-year term, ahead of
ERV.
Next has required additional office
space to complement their existing London offices and will be
moving into the building at the end of March to occupy a total of
four floors, including the lower ground, duplex, third and fourth
floors.
Alfred Place is a newly refurbished
42,000 sq ft Fully Managed building offering premium offices as
well as a communal roof terrace, private terraces on selected
floors, a spacious shared lounge and meeting room suite, and
flexible wellness space. It is located in Fitzrovia, next door
to GPE's recent acquisition Whittington House and opposite another
GPE Fully Managed building, the Courtyard; which recently achieved
planning permission. Together these buildings form an appealing
cluster of premium workspaces within walking distance of the
Elizabeth line.
In the three months since launch, GPE has let 24,500 sq ft in the
building at an average rent of £209 per sq ft some 5.45% ahead of
ERV. With an additional 2,500 sq ft under offer, only five offices
are still available, which are already receiving strong
interest.
David Korman, Senior Leasing Manager,
commented: "We are delighted to have
completed our largest ever Fully Managed deal with Next and look
forward to welcoming them to the building later this month. The
rapid and positive leasing at Alfred Place highlights the strong
demand for our well-located, amenity rich, premium Fully Managed
spaces, while also demonstrating the expanding appeal to larger
corporates that may have initially sought a more traditional
arrangement."
GPE will be hosting an Analyst &
Flex Webinar on Friday 21 March at 2pm. Register here:
Webinar Registration - Zoom
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Great Portland Estates
plc
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+44
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(0)
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20
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7647
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3000
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Toby Courtauld, Chief
Executive
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Nick Sanderson, Chief Financial
& Operating Officer
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Stephen Burrows, Director of
Investor Relations and Joint Director of Finance
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FGS Global
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James Murgatroyd & Gordon
Simpson
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+44
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(0)
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20
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7251
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3801
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For further information see
www.gpe.co.uk or follow us on X at @GPE_london
LEI Number:
213800JMEDD2Q4N1MC42