Great Portland Estates PLC Retail leasing update (4690G)

TIDMGPE

RNS Number : 4690G

Great Portland Estates PLC

30 March 2022

GPE delivering strong retail lettings

GPE today announces three lettings within its retail portfolio, totalling 8,800 sq ft at a combined rent of over GBP2.0 million per annum. Together, these lettings are on average 12% ahead of CBRE's September 2021 ERV demonstrating the increasing confidence in the continued recovery of the central London retail market by international and domestic retailers.

At Carrington House, 128/130 Regent Street, W1, TUMI, the international accessories brand, will be relocating to a new global flagship store, occupying 3,570 sq ft on a prominent corner at Carrington House, across the ground and basement floors. The new global flagship will showcase TUMI's latest store concept and is anticipated to open in September with the travel brand's full collection of stylish modern luggage on offer.

GPE has also let the adjacent unit (2,650 sq ft) at 126 Regent Street, W1 to an undisclosed retailer who is also relocating within Regent Street, to create a new flagship offer.

In addition, the GHS Limited Partnership (GHS), one of GPE's joint ventures, announces that it has let a further 2,590 sq ft unit at its recently completed development at Hanover Square, W1. 68 New Bond Street has been let to a confidential luxury accessories brand at a rent in excess of the CBRE September 2021 ERV. This is the fifth retail letting at Hanover, joining both Canali and Pronovias on New Bond Street and Moyses Stevens and Watchhouse within the courtyard space.

Sarah Goldman, Senior Portfolio Manager at GPE said: "These three deals show that London's retail market is turning a corner. With footfall now recovering to pre-pandemic levels ahead of the Elizabeth line opening in the coming months, it's an exciting time for these brands to be opening their latest stores in the capital."

Mark McGuigan, TUMI General Manager UK & Ireland commented: "The UK is a key market for TUMI, and the relocation of our flagship store to Carrington House shows the confidence we have in London, and specifically the West End and Regent Street itself. We look forward to showcasing our new ranges in a brand new and exciting shopping environment."

Contact details

 
Great Portland Estates plc                         +44  (0)  20  7647  3000 
Toby Courtauld, Chief Executive 
Sarah Goldman, Senior Portfolio Manager 
Stephen Burrows, Director of Financial Reporting 
 & IR 
 
 
 
Finsbury Group 
James Murgatroyd   +44  (0)  20  7251  3801 
Gordon Simpson

For further information see www.gpe.co.uk or follow us on Twitter at @GPE_plc

LEI Number: 213800JMEDD2Q4N1MC42

About TUMI

Since 1975, TUMI has been creating world-class business, travel and performance luxury essentials, designed to upgrade, uncomplicate, and beautify all aspects of life on the move. Blending flawless functionality with a spirit of ingenuity, we're committed to empowering journeys as a lifelong partner to movers and makers in pursuit of their passions. The brand is sold globally in over 75 countries with approximately 2,000 points of sale. For more about TUMI, visit www.TUMI.com

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