Great Portland Estates PLC on Tuesday said it has now let over 11,300 square feet of office space at its new fully managed scheme at 6 St Andrew Street in London.
The London-based commercial property company said the space in the Farringdon area of the City of London was let ahead of the estimated rental value, at an average rent of £203 per square foot. Three new clients are set to move in over the next month.
Hair and beauty booking platform Treatwell will occupy the first floor for a two-year term.
Software development company Clavium will occupy the seventh floor for a four-year term, with a break at year two.
The Green Finance Institute, a not-for-profit advisory firm accelerating the transition to a green economy through capital mobilisation, will occupy the ground floor office for a two-year term with a break at 18 months.
The St Andrew Street property is made up of eight floors in total, including workspaces, a communal lounge and boardroom, a rooftop terrace and cookery classroom, and a wellness studio in the basement.
Chief Financial & Operating Officer Nick Sanderson said: ‘We’re thrilled to have let over 25% of the building in the short window since launching [St Andrew Street] to the market in November. Having completed these three deals at an average of 12.7% ahead of [estimated rental value] 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.’
Shares in Great Portland Estates were up 1.8% at 277.00 pence each in London on Tuesday morning.
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