GPE hits the ground running with £13.2m leasing haul

London property giant, GPE, has made a strong start to the financial year, having secured 21 new leases and renewals across its portfolio to generate £13.2 million in annual rent, as demand for premium workspace continues to build.

GPE reported that lettings completed during the quarter were signed at an average of 3.7% above March 2026 estimated rental values (ERVs), with a further £3.5 million of rent currently under offer at 9% above ERV - signalling an even stronger pipeline of deals still to come.

The operator's biggest driver was its Fully Managed portfolio, with 15 leases generating £9.9 million of annual rent at an average of £245 per sq ft, 2.6% ahead of March 2026 ERV. GPE also completed two Fitted leases, achieving rents 10.3% ahead of ERV, alongside two Ready to Fit deals, which secured rents 7.8% above expectations.

That momentum played out across its London estate, with GPE completing 41,500 sq ft of new Fully Managed leasing during the quarter. Fresh deals at 170 Piccadilly took the building to 73% occupancy, while 11,200 sq ft of deals were completed at City Tower and 7,300 sq ft of new leasing was secured at 16 Dufour's Place, with new occupiers including Sky and PXC.

One of the quarter's most significant milestones came at 30 Duke Street St James's, with Australian menswear brand, M.J. Bale, becoming the final occupier to sign, completing the building's leasing programme ahead of its London debut.

Meanwhile, Kent House hit a new rental high after two Ready to Fit lease renewals achieved £142 per sq ft. Over in Hanover Square, a strategic re-letting at 1 Medici Courtyard boosted passing rent on the fifth floor by an impressive 65%.

Attention is now turning to GPE's next wave of schemes, where occupier interest is already gathering pace at The Delft in Southwark and the newly rebranded The Alfred in Holborn. With premium, sustainable office space becoming increasingly scarce across Central London, and appetite remaining high for both premium HQ and Fully Managed workspace, GPE enters the second half of the year well positioned to sustain its leasing momentum.

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