Great Portland Estates PLC on Thursday said it has let the 16,830 square feet first floor of the wells&more office in Fitzrovia, central London.
The London-based property company said the letting completes a ‘successful repositioning’ of the building in W1, securing an average rent on the refurbished floors of £102 per square foot, 12% ahead of estimated rental value.
Further, Great Portland Estates said the repositioning has increased the rental income of the space by 55%.
The first and second floors of the office were refurbished to provide ‘best-in-class’ office space.
The building is now 93% let, with 7,625 square feet remaining available, Great Portland Estates noted. It said passing rent on the refurbished floors has increased to £3.4 million from £2.2 million.
‘This latest letting secures a significant rental uplift for GPE and highlights the strong demand for our best-in-class, ready to fit workspace, perfectly suited to meet the needs of global brands looking to grow in central London,’ said Senior Leasing Manager Richard Carson.
Shares in Great Portland Estates were up less than 0.1% at 356.56 pence in London on Thursday afternoon.
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