Business
GPE commits to Fully Managed Fitzrovia build
Great Portland Estates PLC has secured a new headlease and development agreement for 7/15 Gresse Street and 12/13 Rathbone Place, extending the term to 2148 and enabling conversion to its Fully Managed offer. This refurbishment will create 42,800 sq ft of workspace, branded as The Howlett, contributing to GPE's Flex offer which now totals 660,000 sq ft. The company has experienced strong leasing momentum in its Fully Managed portfolio, with 148,900 sq ft let or under offer this financial year, generating £35.4 million in annual rent, 7.8% above ERV. Works are expected to conclude by early 2027. Disclaimer*
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n\n18 March 2026\n \nGPE secures new headlease and commits to Fully Managed Fitzrovia refurbishment\n \nGPE has completed a new headlease and development agreement with The trustees of the Evelyn Estate, advised by Peter Hutchinson of HMC, to refurbish 7/15 Gresse Street and 12/13 Rathbone Place, W1. The new headlease extends the term by 20 years, pushing expiry to 2148, while the development agreement provides consent for GPE to convert the space to its growing Fully Managed offer.\nThe buildings will provide 42,800 sq ft of Fully Managed workspace across five floors and form part of GPE's growing Flex offer, which now totals 660,000 sq ft or around 30% of the portfolio. Collectively the buildings will also be rebranded as The Howlett, a nod to their history as a former warehouse for bootmaker 'Howlett & White' and reflecting the area's longstanding heritage in fashion and textile manufacturing.\nLocated in the heart of Fitzrovia, within walking distance of Tottenham Court Road and the Elizabeth line, the redevelopment will deliver high quality, sustainable and beautifully designed offices with attractive amenity space. This commitment builds on strong leasing momentum across our Fully Managed portfolio, with 148,900 sq ft of space let or under offer so far this financial year, amounting to £35.4 million of annual rent, 7.8% ahead of ERV.\nPlanning consent was granted by Westminster City Council in September 2025 and works are expected to complete by early 2027.\n \nTrevor Phyo, Senior Development Manager at GPE, commented: \"We are delighted to secure this new headlease which unlocks our ability to create a flagship Fully Managed workspace in one of central London's most sought after locations. The Howlett will set a new benchmark, delivering the kind of flexible, design‑led space the market is demanding and our customers love.\"\n\n\n\n\nGreat Portland Estates plc\n\n\n+44\n\n\n(0)\n\n\n20\n\n\n7647\n\n\n3000\n\n\n\n\n\n\n\nToby Courtauld, Chief Executive\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStephen Burrows, Director of Investor Relations and Joint Director of Finance\nTrevor Phyo, Senior Development Manager\nYasemin Kiani, Communications Lead\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFGS Global\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJames Murgatroyd & Gordon Simps...