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Highlights

  • Panmure Liberum analyst Timothy Leckie issued a Buy rating on Great Portland Estates with a target price of AUD 9.07.

  • GPE announced the acquisition of The Gable, WC1 for £18.0 million, expanding its Fully Managed portfolio in central London.

  • The company completed several leasing deals across its portfolio, securing annual rent commitments of £2.5 million in August 2025.

Great Portland Estates plc (LSE:GPE), a leading central London property investment and development company, has been assigned a Buy rating by Panmure Liberum analyst Timothy Leckie, who has also set a target price of AUD 9.07. The rating comes as GPE continues to expand its Fully Managed offering, securing new acquisitions and delivering significant leasing momentum.

Acquisition of The Gable

On 1 September 2025, GPE announced the acquisition of a long leasehold interest in The Gable, WC1, for a total consideration of £18.0 million (approximately AUD 34.6 million) from the City of London Corporation.

The 44,000 sq ft building is partly let on a short-term basis, generating annual rent of £1.5 million, equating to a net yield of 6.4%. GPE plans to refurbish the property into premium Fully Managed office space, aiming to increase the development yield to 6.9% and deliver an ungeared IRR above 11%. Refurbishment is expected to commence in Q3 2026, subject to vacant possession.

Leasing Progress and Rental Income

In August 2025, GPE secured three new Fully Managed leasing deals, totalling 11,720 sq ft across SIX St Andrew Street, EC4 and 31/34 Alfred Place, WC1. These deals, which include leases with a global business news leader, a blockchain analytics firm, and EKU Energy, collectively contribute £2.5 million in annual rent, averaging £212 per sq ft.

As a result, occupancy at SIX and Alfred Place rose to 74% and 82% respectively. Across the year to date, GPE has completed 13 Fully Managed leasing deals, generating commitments of £16.5 million in annual rent, at rates approximately 6.9% above March 2025 ERV.

Completion at 141 Wardour Street

In early August 2025, GPE completed its Fully Managed refurbishment at 141 Wardour Street, W1. Leasing momentum has been strong, with two-thirds of the space already let or under offer, including a flagship 5,200 sq ft retail unit pre-let to REPRESENT, now open.

These deals, covering 15,900 sq ft, are expected to generate £4.4 million in annual rent at an average rate of £277 per sq ft, 14% above ERV.

The first floor was leased to Wunderkind, while three additional floors are under offer. The rapid leasing progress at Wardour Street has reinforced GPE’s ability to attract and retain tenants, with its customer retention rate for Fully Managed products at 91% over the past year.

Analyst Rating

Against this backdrop of acquisitions, leasing progress, and portfolio expansion, Panmure Liberum’s Timothy Leckie has issued a Buy rating on Great Portland Estates with a price target of AUD 9.07.