GPE completes pre-let Duke Street development in St James’s

Great Portland Estates plc has successfully finalized its 30 Duke Street development in St James's, as confirmed by a press release on Wednesday. The entire office and retail space was secured for lease before the project's completion, both on schedule and within budget. In May 2025, CD&R, a global investment firm, pledged to occupy the office headquarters well ahead of the project's conclusion.

Two retail spaces were pre-let to Australian brands M.J. Bale and L’Eto. These early leases achieved average rental rates 6.7% higher than initially estimated. GPE projects a development profit margin of 37.1% and an ungeared internal rate of return of 30.5%. The design, executed by Make Architects, incorporates column-free floor plans and over 3,700 square feet of rooftop terraces.

The structure utilizes over 78% recovered steel, primarily from GPE's deconstructed City Place House, which significantly cuts the project's carbon footprint by around 90% compared to using entirely new steel. Tom Crawley, GPE's Senior Project Manager, noted that the project's completion underscores the high demand for office and retail space in St James's, and highlights the firm's capability to provide prime workspaces for international businesses.

Great Portland Estates specializes in London-based real estate investment and development. This report was AI-assisted but reviewed by a human editor.