The remaining 15,300 sq. ft. flagship retail store at 73-89 Oxford Street has been pre-let to Benetton Group S.r.l. at £2.6 million per annum. Benetton will take a 20 year lease and will trade alongside New Look, to whom GPE pre-let a 31,800 sq. ft. store in March 2015. This leaves 43,400 sq. ft. of Grade A offices in the development, which are due for completion in April 2017, where Facebook have an option to occupy which expires on 31 March 2016.
Neil Thompson, Portfolio Director of GPE said “We are delighted to welcome Benetton into the portfolio. Securing one of the world’s top retailers in this high quality development, opposite a Crossrail station, continues the exciting regeneration of the eastern end of Oxford Street.
This transaction was amongst a number of strong leasing successes for the Group this quarter, and with a further £2.7 million of space currently under offer, our 1.2 million sq. ft. development pipeline continues to attract significant leasing interest. We look forward to further profitable pre-lettings.”
GPE will issue a Trading Update for the quarter to 31 December 2015 and be hosting an event for investors and analysts at Oxford House, 76 Oxford Street, W1 on 10 February 2016.