Great Portland Estates pre-lets London development

published 19 April 2013

Great Portland Estates (GPE) has pre-let 29,447 square feet (sq ft) of office space to Bridgepoint Advisers in its Wigmore development in London.

The project at 95 Wigmore Street is part of the company's Great Wigmore Partnership, a joint venture with SWIP-Real Estate. Works are still ongoing and due for completion next July.

The 112,700 sq ft project will provide 82,300 sq ft of offices, 17,900 sq ft of retail space in seven units and 12,500 sq ft of residential accommodation.

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Bridgepoint, the leading private equity firm, will occupy the fifth to seventh floors of the building and will take a 15-year lease, with a tenant only option to break after 10 years, paying rent of £2.6m per annum, equating to an average of £90.40 per sq ft.

It is the second pre-let in the building after Lane Clark & Peacock leased 40,000 sq ft in November 2012 and leaves only one office floor of 12,890 sq ft available.

"This further pre-letting in the building means the office space is close to being fully let prior to completion," said Portfolio Director of GPE Neil Thompson.

"Occupiers such as Bridgepoint and Lane Clark & Peacock strongly endorse 95 Wigmore Street as a high quality West End development and we have good interest in the remaining office, retail and residential space."