Toby Courtauld, the CEO of this property firm, highlighted a robust leasing performance that exceeded expectations, with rental values surpassing March 2023 levels by an impressive 13.4%. During the first half of the year, GPE secured 37 new leases and renewals, generating an annual rent income of £11.2 million.
The noteworthy signings during this period included two significant additions on Regent Street. The first was a new 10-year lease extension with VF Corp’s The North Face, expanding its flagship store by 33% to an impressive 9,700 square feet by incorporating an adjacent unit. The second major signing was a 10-year lease with the renowned British fashion brand Joseph, marking the completion of GPE’s retail offerings at Kingsland and Carrington House. This follows successful agreements with Tumi, Russell & Bromley, and The Body Shop, all of whom signed new leases with GPE last year.
Courtauld emphasized, ‘We anticipate ongoing market conditions will continue to limit supply in an environment where high-quality space remains scarce. As businesses vie for prime locations, we anticipate a widening gap between premier spaces and others. Our unwavering commitment to meeting this demand with our prime, sustainable spaces positions us favorably.’
GPE is scheduled to release its half-year results on November 16th. Stay tuned for further updates.