Great Portland Estates (LSE:GPE), the London-focused office and retail landlord, has fully let the office space at Carrington House, W1, after leasing more than 6,900 sq ft of fitted workspace at rents of up to £105 per sq ft.
The rents mark a record for the building and sit 8.1% ahead of estimated rental value (ERV), a benchmark of expected market rent.
Carrington House is a Grade II listed building near Mayfair and Soho.
More than 8,800 sq ft of the building's office space was converted from "ready to fit" shell space into fully fitted workspace, adding to GPE's flexible office portfolio.
"Fully letting the offices at Carrington House at record rents demonstrates the strength of demand for quality, fitted workspace in prime West End locations", said Sophie Pearce, senior portfolio manager at GPE.
She added that the success of the building's roughly 2,000 sq ft fitted suites underlines demand from growing businesses for flexible, ready-to-occupy space.
News Intelligence what this means for the company
Great Portland Estates has fully let Carrington House's office space at rents 8.1% above estimated rental value, achieving record rents of up to £105/sq ft for the West End building. This caps a repositioning of over 8,800 sq ft from shell to fitted workspace—a format GPE has been expanding to capture demand from growing businesses seeking ready-to-occupy space in prime central London.
Full lettings at above-ERV rents validate GPE's fitted-workspace strategy and support the company's rental income growth assumptions for FY27. The outcome demonstrates sustained tenant demand for quality, flexible office space in central London despite broader market uncertainty.
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