GPE, formerly known as Great Portland Estates, has been making major strides in the London property market. The company has recently secured three retailers, leasing a combined space of 8,800 sq ft in its central London portfolio, generating over £2 million in annual rent. Furthermore, GPE has acquired a leasehold property spanning 43,000 sq ft for a staggering £36.5 million. This property, which is currently occupied by the Fashion Retail Academy, will undergo transformation into office spaces.
One of the most notable lettings involves the popular international accessories brand, Tumi. Tumi will be relocating to a new flagship store on Regent Street. The new store, covering an impressive 3,570 sq ft, will introduce Tumi’s innovative store concept and is set to open its doors in September. Mark McGuigan, Tumi’s General Manager for the UK & Ireland, emphasized that this relocation not only demonstrates the brand’s confidence in London but also specifically highlights their belief in the potential of the West End.
Additionally, GPE has successfully let two other units on Regent Street, one to an undisclosed retailer and the other to a confidential luxury accessories brand. Furthermore, the company’s joint venture has secured a retail letting at its recently completed development on New Bond Street/Hanover Square. These achievements serve as evidence of the positive turnaround in London’s retail market, with footfall levels steadily returning to their pre-pandemic figures.
In addition to these impressive lettings, GPE has made a significant property acquisition on Gresse Street/Rathbone Place, situated in London’s West End. Currently housing the Fashion Retail Academy, this building will undergo redevelopment to be transformed into modern office spaces. Its prime location in Fitzrovia, close to the Elizabeth Line Tottenham Court Road, adds to its appeal as an attractive investment opportunity.
These recent activities by GPE highlight the company’s confidence in the London market and its dedication to supporting retail and commercial developments. With footfall increasingly recovering and the highly anticipated opening of the Elizabeth Line on the horizon, it is an exciting time for brands looking to establish a strong presence in the capital.
For more information, please visit:
1. GPE Announces Retail Lettings on Regent Street, Hanover Square, and Skyline
2. GPE’s Portfolio in Fitzrovia and Cavendish Square
