Top Soho Rent; £110 per sq ft

Great Portland Estate’s (GPE) 30 Broadwick Street boasts 75,000 sq ft of office space and 8,000 sq ft of retail space in central Soho.

The office space covers the 1st to 6th floors, with terraces on the 4th to 6th. While 138 cycle spaces, showers and lockers, air-conditioning, raised floors, and a BREEAM rating of excellent all add to the grade-A building, along with an occupancy ratio of 1:8 sq m.

The retail space is split over three units currently let to Nespresso, Bobbi Brown and Octobers Very Own Sound, on 10 year leases with no break, at a combined rent of £437,500 per annum. The 8,000 sq ft restaurant was pre-let to The Ivy in June 2016.

The 2nd, 3rd and 5th floors are now also let, with the 6th floor (6,825 sq ft) under offer to Exponent Private Equity for a record breaking £110 per sq ft on a straight 10-year term!

Eugene O’Sullivan, Surveyor and Director at Morgan Pryce, says; “Despite the weakness in the office market spreading from the City, the West End rents historically hold up well in a downturn. Soho has had limited office stock for the last few years and demand from occupiers has remained strong; the fact that 30 Broadwick Street was the only brand new development in Soho in 2016 will have played a role in its ability to achieve that top rent.”

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.