Great Portland Estates have reported a strong set of annual results, including a 15 percent rise in its portfolio value. These mirror similar results from British Land and Land Securities over the same period. The results are indicative of the sharp recovery of the property market in London in recent months.
Following these results Great Portland now intends to focus on the development of London property. Two sites on Regent Street and Newman Street are currently under development and Great Portland Estates hopes to add seven more by this time next year.
The company quickly hit their target of spending £166 million from a rights issue in new acquisitions last year. The West End and City properties, offering coveted London office space, have seen an average rise of 24 percent over five months. Chief executive Toby Courtauld stated ‘We feel our decisions have been well vindicated.’