Great Portland Estates plc (LON:GPE) has completed the leasing campaign at Nineteen Wells Street, W1, with all floors in the Fully Managed refurbishment now let or under offer, only six months post completion.
The lower ground floor (1,446 sq ft) has been let to a global leader in business messaging solutions for local enterprises, while the ground floor (1,335 sq ft) has been let to a central London development corporation. The remaining first floor (2,754 sq ft) is currently under offer.
In total, the building is now fully let or under offer, securing £3.7 million of annual rent at an average of £245 per sq ft, some 7.7% ahead of ERV and delivering a 20% ungeared IRR since acquisition.
Located opposite Tottenham Court Road station, Nineteen Wells Street has recently been refurbished to deliver more than 19,000 sq ft of premium workspace across five floors. The building includes high-quality shared amenities, such as a communal terrace with great views across London, as well as a communal boardroom.
Nineteen Wells Street further strengthens GPE’s growing Fully Managed cluster in Fitzrovia, alongside nearby holdings including Elsley House, Kent House and The Howlett (formerly 7/15 Gresse Street and 12/13 Rathbone Place, W1).
Molly Maguire, Great Portland Estates Senior Flex Leasing Manager, said: “Completing the leasing at Nineteen Wells Street is another strong result for our Fully Managed offer. The pace of leasing, together with the rents achieved, underlines the continued demand for high-quality, well-located workspace and the strength of our premium product.”
