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Great Portland Estates sees retail value soar

By FashionUnited

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Fashion

London's Great Portland street and local Fitzrovia area have seen its value soar after retail property in the West End is at an all-time high.

Great Portland Estates on Thursday posted a 5.2 percent surge in its property portfolio, notably after luxury group Richemont snapped up an 38,000 square foot office building on Regent Street.

Chief executive Toby Courtauld said: “Despite heightened political uncertainty ahead of the UK General Election, London’s economy continues to expand at a sustainable rate, supporting healthy demand for the limited quantity of available office and retail space, particularly in our core market of the West End.

The FTSE 250 developer said the value of its estate was worth 3.07 billion pounds at 31 December, up 152.3 million pounds on the previous quarter due to its development pipeline and a rise in rental values.

The developer is currently on site at five schemes totalling 600,000 square feet, including Rathbone Square, the former Royal Mail site at the east end of Oxford Street and its largest scheme to date.

Great Portland Estates also started work on 73/89 Oxford Street, a retail and office block near Tottenham Court Road, during the period and will push ahead with another six schemes within the next 18 months, including 148 Old Street in London’s tech hub.

The company signed 20 new lettings totalling 116,300 square feet in the quarter with a combined rent of 6.3 million pounds on the back of hot demand for West End property, which is in short supply.

Great Portland Street
London
Retail
West End