7th Feb 2022 09:41
(Alliance News) - Great Portland Estates PLC on Monday said it has recorded a "record leasing" year, stating the commercial property market is rebounding after work-from-home government guidance left offices empty.
The London-based property developer said that since October 1, it has agreed 17 new lettings for 102,100 square feet of space, generating an annual rent of GBP5.5 million.
Furthermore, it has now leased all office spaces at this "landmark" West End scheme, consisting of 18 Hanover Square, 1 Medici Courtyard, 20 Hanover Square, and 14 Brook Street in London.
In total, Great Portland said it has now signed 460,900 square feet of new lettings since the start of the financial year on April, generating a combined annual rent of GBP32.5 million.
This surpassed its previous record leasing high of GBP31.8 million in 2016 with two months of the financial year still remaining, it noted.
The company said it is seeing strong demand for its prime 'Grade A' and flexible office space products in London.
It has 94,500 square feet currently under offer for a combined rent of GBP6.2 million.
Great Portland continued that its construction progress at 50 Finsbury Square, London is still positive. The property developer remains on track to deliver the building later this year and allow London-based satellite telecommunications company Inmarsat occupation then.
The Great Portland also advanced preparations for the development of 2 Aldermanbury Square in central London and anticipates starting with the demolition of the existing building in the coming months.
The company noted that its December quarter's rent collection was in line with the previous quarter.
In addition, the property developer extended the maturity date of GBP400 million of its environmental, social, and governance-linked revolving credit facility by 12 months to January 2027.
Chief Executive Toby Courtauld said: "It is a significant achievement to deliver record leasing in a period marked by such economic and social disruption, which is a testament to both the quality of the spaces we have been delivering and the dedication and hard work of the Great Portland Estates team."
He added: "Absent a resurgence of the pandemic, our confidence is building for the remainder of 2022, as we expect the combination of economic growth, a return to normal trading conditions, and central London's magnetic appeal to be positive for our markets."
Shares in Great Portland Estates were down 0.1% at 734.50 pence each on Monday morning in London.
By Abby Amoakuh; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
GPE