GPE Great Portland Estates Plc

28 January 2025

GPE announces strong leasing momentum at new Fully Managed scheme in Farringdon

Great Portland Estates plc (GPE) has today announced it has let over 11,300 sq ft of Fully Managed office space at its recently completed refurbished scheme at 6 St Andrew Street, EC4 (SIX), adding to its growing portfolio of Fully Managed offices.

The space has been let both faster than GPE's underwrite and ahead of ERV, at an average rent of £203 per sq ft, to three new customers all set to move in over the next month.  

·      Treatwell, the hair and beauty booking platform, has signed for 5,490 sq ft and will occupy the 1^st floor for a two-year term. This will be the brand's latest central London office;

·      Clavium, a software development company, has signed for 4,648 sq ft and will occupy the 7^th floor for a four-year term (with a break at year two); and

·      The Green Finance Institute (GFI), a not-for-profit advisory firm that accelerates the transition to a green economy globally through capital mobilisation, has signed for 1,220 sq ft and will occupy the Ground floor office for a two-year term (with a break at 18 months).

SIX is a 48,000 sq ft Fully Managed building located in Farringdon. The building provides eight floors of newly refurbished offices, with workspaces that range from 1,200 - 5,800 sq ft as well as shared spaces including, a communal lounge and boardroom, a rooftop terrace and cookery classroom, and a wellness studio in the basement.

Nick Sanderson, Chief Financial & Operating Officer, commented: "We're thrilled to have let over 25% of the building in the short window since launching SIX to the market in November. Having completed these three deals at an average of 12.7% ahead of ERV 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."   

James Hanlon, Chief People Officer & General Counsel at Treatwell, added: "Treatwell is proud to be one of the first customers of this incredible building in another outstanding location, and we are super keen to work with the GPE team to put our own stamp on it. We are a pan European brand with unique offices in every market we serve and are delighted that our new London home is SIX."

For further information see www.gpe.co.uk or follow us on X at @GPE_london

LEI Number: 213800JMEDD2Q4N1MC42