London’s Great Portland street and local Fitzrovia area have seen its value
soar after retail property in the West End is at an all-time high.
Great Portland Estates on Thursday posted a 5.2 percent surge in its
property portfolio, notably after luxury group Richemont snapped up an
38,000 square foot office building on Regent Street.
Chief executive Toby Courtauld said: “Despite heightened political
uncertainty ahead of the UK General Election, London’s economy continues to
expand at a sustainable rate, supporting healthy demand for the limited
quantity of available office and retail space, particularly in our core
market of the West End.
The FTSE 250 developer said the value of its estate was worth 3.07 billion
pounds at 31 December, up 152.3 million pounds on the previous quarter due
to its development pipeline and a rise in rental values.
The developer is currently on site at five schemes totalling 600,000 square
feet, including Rathbone Square, the former Royal Mail site at the east end
of Oxford Street and its largest scheme to date.
Great Portland Estates also started work on 73/89 Oxford Street, a retail
and office block near Tottenham Court Road, during the period and will push
ahead with another six schemes within the next 18 months, including 148 Old
Street in London’s tech hub.
The company signed 20 new lettings totalling 116,300 square feet in the
quarter with a combined rent of 6.3 million pounds on the back of hot
demand for West End property, which is in short supply.
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