Great Portland Estates (LSE:GPE) delivered £13.2 million of new leasing in its first quarter, with lettings running 3.7% ahead of March 2026 estimated rental values (ERVs), according to a business update published on 2 July.
The central London office and mixed-use specialist completed 15 Fully Managed leases generating £9.9 million of rent at an average £245 per square foot, 2.6% ahead of ERV.
Two Fitted leases added £1.6 million at a 10.3% premium to ERV, while two Ready to Fit leases contributed £0.8 million at 7.8% above ERV.
A further £3.5 million of rent is currently under offer, with market lettings 9.0% ahead of ERV.
Among the quarter's highlights, GPE completed its pre-letting campaign at 30 Duke Street St James's, signing Australian menswear brand M.J. Bale for 2,636 sq ft of retail space on the Jermyn Street frontage, filling the last available unit in a building already fully pre-let on its office floors.
At Hanover Square, a surrender and re-let of the fifth floor at 1 Medici Courtyard produced a 65% increase in passing rent on a new 10-year fitted lease.
"Interest levels are high across our portfolio, where our development and refurbishment activity is creating the high quality, sustainable space that customers want, in a market where supply is increasingly scarce," said Chief Executive Toby Courtauld.
