Property investment and development business Derwent London have already secured 23% more rent to date from London office space than in the whole of 2014.
The London developer, which sits on the FTSE 250, owns the Tea Building in Shoreditch as well as the Burberry offices in Horseferry House and Victoria. They have let 225,400 sq. ft from January to April this year alone, contributing to the £11.3m in rent that has been made this year.
Derwent have benefited from a significant rise in demand for office space in Central London, which has seen vacancy rates fall to as low as 1.9%, compared to the 4.1% available in December of last year.
Derwent London, chief executive, John Burns, said, “The central London property market is continuing to provide strong evidence of rising rents and tightening yields. Vacancy rates continue to fall and demand from tenants and investors remains high.”
The highest rent achieved by Derwent is currently paid by AnaCap Financial Partners at £82 per sq. ft for the top two floors of 1 Stephen Street. Other successful deals include the purchase of 20 Farringdon road from La Salle for £93m, while selling Mark Square House, 22 Kingsway and 50% interest in two of their properties in Whitechapel to them for £114m.
By: Kirsty MacGregor
News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.Share: