Great Portland Estates hails continued 'positive' performance amid healthy leasing activity

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Great Portland Estates said positive activity' had continued in the first quarter of the year amid 'healthy' leasing activity and 'excellent' progress at its three committed development schemes.

For the three months ended 30 June, 9 new lettings were signed generating annual rent of £2.2m, of which company's received its cut of £1.9; market lettings were in line with March 2019 estimated rental value.

The company settled seven rent reviews in the quarter, securing £2.3m a year; 17.2% above previous passing rent.

The vacancy rate fell to 4.2% in the quarter from 4.8% in March.

The company said its three committed development schemes were already more than 23% pre-let or under-offer.

'The second quarter has started well with encouraging levels of enquiries from prospective occupiers attracted to our brand of high quality, well located space. Today we have £3.7 million of lettings under offer at a 9.4% premium to March 2019 ERVs,' Toby Courtauld, Chief Executive.