GPE, previously known as Great Portland Estates, has released its latest quarterly trading update, revealing a strong operating performance despite challenging economic conditions. The London-based property company, which holds a significant retail space portfolio in the West End, shared that it successfully signed 22 new retail leases and renewals in the past three months, resulting in an annual rent of £6.4 million. This achievement is notable considering the pressure on property values in the market.

Notably, the market lettings during this period surpassed the estimated rental value from March by an average of 16.9%. This positive outcome further solidifies GPE’s confidence in its rental growth guidance of 0-5% for the current financial year. Moreover, GPE seized two significant property acquisition opportunities in London during the quarter, one of which was the purchase of 141 Wardour Street in Soho for £39 million. This property boasts a combination of office and retail spaces.

Toby Courtauld, CEO of GPE, expressed his satisfaction with the company’s results, particularly given the limited availability of space due to low vacancy levels. He emphasized that GPE had another active quarter and highlighted the £5.3 million of rental income currently under offer, surpassing expectations by 13%. Courtauld pointed out that GPE’s focus on offering premium spaces caters well to the discerning market’s growing demand. Additionally, he mentioned that the company’s strong balance sheet and ample liquidity instill confidence that they are well-prepared to seize emerging opportunities, especially in the face of ongoing economic uncertainty. GPE’s solid track record and competent team positions them favorably to capitalize on the ever-evolving real estate landscape.

For further information on GPE’s quarterly trading update, please click here: GPE Q3 2021 Trading Update.

To learn more about GPE’s recent property acquisition at 141 Wardour Street, click here: 141 Wardour Street Property Acquisition.