Derwent rental values up 7%

Derwent London reported “consistent demand” from occupiers in the third quarter, driving rental values up 7%. It has let 486,600 sq ft for £33.5m, with average ERV up 7% on last year. This included the 83,100 sq ft pre-let to Apollo Global Management at 1 Soho Place, W1, which is now 76% prelet. Derwent currently has 790,000 sq ft under construction, with 70% of commercial space prelet. It has prelet 92% of space at 80 Charlotte Street, with completion expected in H1 2020. Its LTV at 30 September was 16.4%, with £560m of undrawn facilities and cash. Paul Williams, chief executive of Derwent London, said: “Our strong pre-letting activity continues, demonstrating the consistent demand for our product and for London office space.” To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette