UK listed property group Great Portland Estates has agreed to let 5,600 m[sup]2[/sup] of offices at its development at Wells & More, 45 Mortimer Street in London to fashion retailer New Look.

UK listed property group Great Portland Estates has agreed to let 5,600 m2 of offices at its development at Wells & More, 45 Mortimer Street in London to fashion retailer New Look.

New Look is taking 15-year leases on lower ground, ground and first to third floors and paying £2.6 mln (EUR 2.9 mln) per annum after a rent-free period of 15 months. In addition, New Look will receive a capital contribution of £2.5 mln, paid over the first six months of the lease. The leases will have tenant break clauses at the fifth and tenth year, with a penalty payable by the tenant on operation of the breaks equivalent to 15 months and 7 months rent respectively.

GPE started work on the 10,500-m2 mixed-use development in October 2006 and completed it this week.