Business
GPE completes leasing at 19 Wells Street W1
Great Portland Estates plc has successfully completed the leasing of its Nineteen Wells Street, W1 property, securing £3.7 million in annual rent at an average of £245 per sq ft, which is 7.7% above the estimated rental value. This achievement, realized just six months after refurbishment completion, represents a 20% ungeared internal rate of return since acquisition and strengthens GPE's Fully Managed portfolio in Fitzrovia. The building, offering over 19,000 sq ft of premium workspace, is now fully let or under offer, demonstrating strong demand for high-quality, well-located office spaces. Disclaimer*
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n\n14 May 2026\nGPE completes leasing campaign at Nineteen Wells Street, W1\nGreat Portland Estates plc (GPE) has completed the leasing campaign at Nineteen Wells Street, W1, with all floors in the Fully Managed refurbishment now let or under offer, only six months post completion.\nThe lower ground floor (1,446 sq ft) has been let to a global leader in business messaging solutions for local enterprises, while the ground floor (1,335 sq ft) has been let to a central London development corporation. The remaining first floor (2,754 sq ft) is currently under offer.\nIn total, the building is now fully let or under offer, securing £3.7 million of annual rent at an average of £245 per sq ft, some 7.7% ahead of ERV and delivering a 20% ungeared IRR since acquisition.\nLocated opposite Tottenham Court Road station, Nineteen Wells Street has recently been refurbished to deliver more than 19,000 sq ft of premium workspace across five floors. The building includes high-quality shared amenities, such as a communal terrace with great views across London, as well as a communal boardroom.\nNineteen Wells Street further strengthens GPE's growing Fully Managed cluster in Fitzrovia, alongside nearby holdings including Elsley House, Kent House and The Howlett (formerly 7/15 Gresse Street and 12/13 Rathbone Place, W1).\nMolly Maguire, Senior Flex Leasing Manager, said: \"Completing the leasing at Nineteen Wells Street is another strong result for our Fully Managed offer. The pace of leasing, together with the rents achieved, underlines the continued demand for high-quality, well-located workspace and the strength of our premium product.\"\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\nYasemin Kiani, Senior Communications Lead\nMolly Maguire, Senior Flex Leasing Manager\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 Simpson \n\n\n+44\n\n...