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Derwent London has secured 217,000 sq ft of lettings so far this year, 6.2% ahead of December’s estimated rental levels. These new lettings mean that 64% of the 1 million sq ft that the company has under construction is pre-let, and are set to bring in £17.2 million in rent.
According to analysts at Liberum, “Derwent’s Q1 confirms a good start to FY19, with robust occupier demand supporting letting activity ahead of market rental levels. Good demand for newly completed space is also aiding delivery of a development pipeline, which enhances income and capital growth.”
Meanwhile, chief executive at Derwent London, John Burns, says: “Demand for Derwent London’s space remains strong. We have now pre-let over 600,000 sq ft of our one million sq ft development programme. These lettings combined with our financial strength put the Group in a very good position to pursue new opportunities.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.