Construction at Hanover Square is advancing well and Great Portland Estates is on track to handover the first retail unit to Canali next month.

The scheme will deliver 221,100 sq ft of new space, comprising 167,100 sq ft of offices, 41,800 sq ft of retail and restaurant space and 12,200 sq ft of residential apartments.

Following the pre-let of 111,400 sq ft of offices in 18 Hanover Square to KKR and Glencore, interest in the remaining 55,700 sq ft of office space across the scheme continues to be strong.

GPE remains positive on the letting prospects for the remaining six retail units given their location on one of the world’s premier retail streets, their relative pricing and unit sizing.

In total, the scheme is now 53% let and, when complete in Q3 2020, it is expected to deliver a profit on cost of 22.0%.

Source: Great Portland Estates plc Trading update for the quarter to 31 December 2019.