Great Portland Estates (GPE) has revealed 116,300 sq ft of lettings during the final quarter of 2014.
In a stock market update this morning, GPE said following strong leasing activity during the six months to 30 September, a further 20 lettings were signed during the final quarter for a combined rent of £6.3m, with the investment lettings 4.9% ahead of March 2014 rental values. GPE’s share of the lettings was £5.4m.
GPE said luxury goods group Richemont UK has leased the entire 37,700 sq ft office accommodation at the refurbished Walmar House, 296 Regent Street. Richemont own several of the world’s leading luxury brands, including, Cartier and Van Cleef & Arpels. Savills and CBRE advised GPE. CBRE advised Richemont.
Toby Courtauld, chief executive of GPE said: “We are delighted to welcome Richemont to Walmar House. As one of the world’s leading luxury goods companies, their decision to relocate here is a great endorsement of the building’s quality. This deal capped another strong leasing quarter for the group and, with robust demand for good quality London offices and sparse availability, we can expect healthy rental value increases during 2015.”
Shares in the company rose 6p (0.81%) in early trading.