Great Portland Estates hails leasing momentum at Farringdon property

(Alliance News) - Great Portland Estates PLC on Tuesday said it has now let over 11,300 square feet of office space at its new fully managed scheme at 6 St Andrew Street in London.

The London-based commercial property company said the space in the Farringdon area of the City of London was let ahead of the estimated rental value, at an average rent of GBP203 per square foot. Three new clients are set to move in over the next month.

Hair and beauty booking platform Treatwell will occupy the first floor for a two-year term.

Software development company Clavium will occupy the seventh floor for a four-year term, with a break at year two.

The Green Finance Institute, a not-for-profit advisory firm accelerating the transition to a green economy through capital mobilisation, will occupy the ground floor office for a two-year term with a break at 18 months.

The St Andrew Street property is made up of eight floors in total, including workspaces, a communal lounge and boardroom, a rooftop terrace and cookery classroom, and a wellness studio in the basement.

Chief Financial & Operating Officer Nick Sanderson said: "We're thrilled to have let over 25% of the building in the short window since launching [St Andrew Street] to the market in November. Having completed these three deals at an average of 12.7% ahead of [estimated rental value] and a cashflow beat of 63%, together with good interest in the remainder of the space, reaffirms the strength of demand for our fully managed spaces, which provide high quality, hassle-free work experiences for our customers."

Shares in Great Portland Estates were up 1.8% at 277.00 pence each in London on Tuesday morning.

By Emily Parsons, Alliance News reporter

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