GPE signs three leases at Farringdon managed scheme 'SIX'
By Josh White
Date: Tuesday 28 Jan 2025
(Sharecast News) - Great Portland Estates announced on Tuesday it has let over 11,300 square feet of office space at its recently-refurbished fully managed scheme at 6 St Andrew Street, EC4, known as SIX.
The FTSE 250 company said the lettings, completed ahead of its underwriting and above the estimated rental value, were achieved at an average rent of £203 per square foot.
Three new tenants would occupy the space, with all set to move in within the next month.
Treatwell, a hair and beauty booking platform, had leased 5,490 square feet on the first floor for a two-year term.
Software development company Clavium had meanwhile taken 4,648 square feet on the seventh floor on a four-year lease, with a break option after two years.
Meanwhile, the Green Finance Institute, an advisory firm focused on accelerating the global transition to a green economy, had secured 1,220 square feet on the ground floor for a two-year term, with a break at 18 months.
GPE said SIX, located in Farringdon, offers 48,000 square feet of newly refurbished office space across eight floors, with unit sizes ranging from 1,200 to 5,800 square feet.
The building also features a communal lounge and boardroom, a rooftop terrace, a cookery classroom, and a wellness studio.
GPE said the scheme's success added to its expanding portfolio of fully managed offices.
"We're thrilled to have let over 25% of the building in the short window since launching SIX to the market in November," said chief financial and operating officer Nick Sanderson.
"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."
At 1008 GMT, shares in Great Portland Estates were up 1.47% at 276p.
Reporting by Josh White for Sharecast.com.
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