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Great Portland Estates agrees flexible office partnership with Knotel

By Iain Gilbert

Date: Wednesday 18 Sep 2019

Great Portland Estates agrees flexible office partnership with Knotel

(Sharecast News) - Property development and investment firm Great Portland Estates has inked an office partnership agreement with flexible workspace provider Knotel across 82,000 square feet at City Place House in East London.
City Place House on Basinghall Street forms part of Great Portland's development pipeline. GPE said its partnership with Knotel would maximise income from the building ahead of its proposed development of the site.

The company said constructive discussions were ongoing with the City of London Corporation ahead of "a major planning application", which it expects to submit during the first half of 2020, with an expected start on site in early 2022.

Approximately 11,000 square feet of office space remains available at City Place House.

Chief executive Toby Courtauld said: "We are delighted to partner with Knotel, further expanding the group's flexible space offering which now comprises around 9% of our office portfolio.

"The new arrangement will maximise our short-term cash flows ahead of our exciting plans for a substantial new-build development on the site."

As of 0805 BST, Great Portland shares had dipped 0.46% to 701.95p.

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