GPE commits to development in ‘supply-starved’ office market

GPE has committed to its next development scheme at Minerva House, SE1, with its chief executive citing “strength of occupational demand and the increasing scarcity of high-quality space to let”. The company said in a stock exchange update that it will commit to the refurbishment of 143,100 sq ft of grade-A offices, adding new storeys and improving the public realm. It said the proposals will retain and reuse most of the existing building’s structure and should complete by the end of 2026. Chief executive Toby Courtauld said: “Looking forward, with interest rates and yields at around their peak, we are increasingly confident that our growing development and flex activities, combined with strengthening rental growth, will drive attractive returns in the near term. Furthermore, with the investment market moving in our favour, we expect to add to our growth prospects as the year progresses.” Elsewhere in what GPE called a “supply-starved market”, the company has started the 67,000 sq ft development of French Railways House, SW1, and said it has now expanded its flex footprint to more than 500,000 sq ft, on track to hit its target of 1m sq ft.