Great Portland Estates touts record
leasing year with deals 10.3% ahead of ERV

GPE has kicked off 2026 with a record leasing run, underpinned by a major prelet to an artificial intelligence occupier. Here’s what you need to know.

In a trading update for the quarter to 31 March, the London-focused investor-developer reported 28 new leases and renewals, delivering £24.4m in annual rent. Transactions were completed at levels approaching 16% ahead of March 2025 estimated rental values, underscoring sustained demand for well-specified, fully managed space.

The period was anchored by a 52,300 sq ft prelet to AI firm Quantexa at Minerva House on the Southbank, alongside a continued weighting towards managed product, with 20 fully managed and five fitted leases agreed.

In the City, GPE has now completed leasing at SIX St Andrew Street, EC4, with the final 11,680 sq ft - across the third and fourth floors- let to an AI-led occupier. The building is fully let, generating £8.8m in annual rent at an average of £200 per sq ft, 6.2% ahead of ERV, and delivering a 6.2% yield on cost.

Positioned as a fully managed workplace, SIX reflects a more considered, service-led approach to office space in core London markets, where quality, flexibility and experience continue to converge.

The latest quarter takes GPE’s full-year leasing activity to 88 transactions, generating £70.9m in annual rent, with market lettings on average 10.3% ahead of March 2025 ERV. The group also has a further £6.4m of rent under offer, at levels 7.9% ahead of March 2025 ERV.

Chief Executive Toby Courtauld commented: "Despite a volatile macroeconomic backdrop, this has been an excellent finish to the year. We signed £24.4 million of leases in the quarter and delivered a record £70.9 million of deals for the year, 10.3% ahead of ERV, reflecting the strength of demand for high quality, well located space and the momentum in our Fully Managed offer."

He added: "Alongside this, we completed our largest office development to date at 2 Aldermanbury Square, which is 100% pre let, and progressed our capital recycling bringing sales to some £490 million, 2% ahead of March 2025 book value, reinvesting the proceeds into new West End refurbishment opportunities at a significant discount. Looking forward, we have further leasing under offer and a strong pipeline of new space in production, and so we start the new financial year with positive momentum.”

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