Ian Scott International


GPE signs Benetton to flagship Oxford Street store

LONDON (Alliance News) – Great Portland Estates PLC on Tuesday reported 122,600 square feet of lettings during the last three months of 2015, generating a combined rent of GBP8.5 million, with investment lettings 17.9% ahead of the March 2015 rental values.

Great Portland Estates’ share of that rent was GBP7.7 million, the property investment and development company said.

The lettings included the remaining 15,300 square feet of the flagship retail store at 73/89 Oxford Street in central London, which was pre-let to Benetton Group at GBP2.6 million per annum, two offices leased at 240 Blackfriars Road, and a further 83,400 square feet of lettings generating GBP4.4 million.

“We are delighted to welcome Benetton into the portfolio. Securing one of the world’s top retailers in this high quality development, opposite a Crossrail station, continues the exciting regeneration of the eastern end of Oxford Street,” Neil Thompson, the company’s portfolio director, said.

“This transaction was amongst a number of strong leasing successes for the group this quarter, and with a further GBP2.7 million of space currently under offer, our 1.2 million square feet development pipeline continues to attract significant leasing interest. We look forward to further profitable pre-lettings,” Thompson added.

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