GPE lands record managed deal with
Next at 31 Alfred Place
NEWS / 10 MARCH 2025
Great Portland Estates (GPE) is celebrating a major milestone today as it announces its biggest fully managed office deal yet, securing a five-year lease with FTSE 100 retailer Next for 11,500 sq ft at its newly refurbished 31 Alfred Place, WC1.
The latest transaction sees Next expand its London footprint, taking four floors in the Fitzrovia building. The retailer is set to move in at the end of March, occupying the lower ground, duplex, third, and fourth floors.
Since its launch three months ago, Alfred Place has seen rapid uptake, with 24,500 sq ft already taken at an average rent of £209 per sq ft - 5.45% ahead of ERV. A further 2,500 sq ft is currently under offer, leaving just five offices available, all of which are attracting strong interest.
Situated in the heart of Fitzrovia, the 42,000 sq ft building delivers premium workspace with standout amenities, including a communal roof terrace, private terraces on select floors, a spacious lounge, a high-spec meeting suite, and a dedicated wellness space. Sitting alongside GPE’s Whittington House and The Courtyard, Alfred Place forms part of a rapidly expanding cluster of premium fully managed workspaces, all within walking distance of the Elizabeth line.
David Korman, Senior Leasing Manager at GPE, reflected on the deal, noting: “We are delighted to have completed our largest ever Fully Managed deal with Next and look forward to welcoming them to the building later this month. The rapid and positive leasing at Alfred Place highlights the strong demand for our well-located, amenity-rich, premium Fully Managed spaces, while also demonstrating the expanding appeal to larger corporates that may have initially sought a more traditional arrangement.”
With continued leasing momentum and strong demand from businesses seeking high-end flexible space, Alfred Place is proving to be a standout destination within GPE’s portfolio.
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Written by
Flex and The City