London-based property firm GPE has announced positive performance in the retail sector, indicating a sustained demand for high-end retail locations in the city. According to GPE’s CEO, Toby Courtauld, the company has seen healthy demand for its well-located spaces, with customers willing to pay rents that exceed earlier rental values.

GPE achieved a strong leasing performance, surpassing estimated rental values by 13.4% and securing 37 new leases and renewals in the first half of the year. This resulted in an annual rent of £11.2 million. Notably, GPE made two significant signings on Regent Street during this period. The first was a lease extension with VF Corp’s The North Face, which expanded its flagship store by 33% to a total of 9,700 square feet. The second signing was a new lease with British fashion brand Joseph, completing the retail revamp of its Kingsland and Carrington House locations. These signings follow GPE’s successful partnerships with Tumi, Russell & Bromley, and The Body Shop last year.

Given the limited supply of high-quality retail space in the market, Courtauld anticipates a widening gap between prime spaces and others. GPE, with its sustainable and well-located properties, is well-prepared to meet this increasing demand. The company’s half-year results will be announced on November 16th.

Overall, GPE’s performance update demonstrates the resilience of the London retail market and underscores the persistent demand for prestigious retail locations.

Useful links:
1. The Guardian: London property firm Great Portland Estates reports healthy retail demand
2. BBC News: Great Portland Estates attracts high-end retailers