Business
Q1 update: strong leasing demand
Great Portland Estates plc reported a strong start to its financial year, with £13.2 million in new leasing and renewals for the quarter ending June 30, 2026, which was 3.7% ahead of March 2026 ERVs. The company secured 21 new leases and renewals, including 15 Fully Managed leases generating £9.9 million in rent roll, and has a further £3.5 million of rent under offer, 9.0% ahead of ERV. Notable transactions include a retail lease at 30 Duke Street, a renewal at Kent House, and a re-letting at Hanover Square that increased passing rent by approximately 65%. The company also saw positive leasing across its Fully Managed portfolio, with new customers like Sky and PXC joining. Disclaimer*
About this update from Great Portland Estates Plc
2 July 2026 Q1 update: strong leasing demand Great Portland Estates plc (GPE) publishes a business update for the quarter to 30 June 2026. Toby Courtauld, Chief Executive, said: "We have started the year well, with strong demand for our premium HQ and Fully Managed spaces translating into £13.2 million of leasing, 3.7% ahead of March 2026 ERVs. Interest levels are high across our portfolio, where our development and refurbishment activity is creating the high quality, sustainable space that customers want, in a market where supply is increasingly scarce. With further leasing under offer, good progress across our development schemes and robust levels of demand for well-located investment properties, GPE remains well placed to deliver continued rental growth and further value creation." Strong start to leasing year; outperforming ERVs · 21 new leases and renewals signed in the quarter, generating annual rent of £13.2 million (our share: £12.5 million), with market lettings on average 3.7% ahead of March 2026 ERV; including o 15 Fully Managed leases signed, generating £9.9 million of rent roll at an average £245 per sq ft; 2.6% ahead of March 2026 ERV; o Two Fitted leases signed, generating £1.6 million of rent roll, with market lettings 10.3% ahead of the March 2026 ERV; and o Two Ready to Fit leases signed, generating £0.8 million of rent roll, with market lettings 7.8% ahead of the March 2026 ERV. · We have a further £3.5 million of rent under offer, with market lettings 9.0% ahead of March 2026 ERV. Leasing highlights in the quarter At 30 Duke Street St James's, SW1, we completed the pre-letting campaign with a new retail lease to Australian menswear brand M.J. Bale for its first London store. The letting covers 2,636 sq ft of prime retail space on the Jermyn Street frontage and completes the leasing of the entire building, following the pre-letting of 62,300 sq ft of offices to Clayton, Dubilier & Rice (CD&R) in May 2025 and the Piccadilly retail letting to restaurant group L'Eto in October 2025. Interest across our two other onsite developments remains strong, with encouraging viewing levels for the remaining space at The Delft, SE1 and newly rebranded The Alfred, WC1, previously Whittington House, WC1. At Kent House, W1, we ...
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