GPE, Helical and LondonMetric reveal December rent collection

The latest rent collection updates from Great Portland Estates, Helical and LondonMetric have highlighted the widening gap between the retail, offices and warehousing sectors. Retail weighs on GPE Great Portland Estates collected 77% of rents due on 25 December, with tenants in the retail, leisure and hospitality sectors paying in 35% of the amounts owed. The landlord received 84% from its office occupiers, and 85% from all other sectors. GPE said that £2.4m of new annual rent was signed during its last quarter, with a further £28m of new annual rent in negotiation. Toby Courtauld, chief executive, said: “While rental collection rates for the December quarter are ahead of September levels, building utilisation rates have greatly reduced once more and some sectors remain challenged. “As expected, a number of our occupiers have been unable to meet their rental obligations, and we continue to offer assistance on a case-by-case basis to support them through this difficult period. “We expect the near-term trajectory of the pandemic to remain unpredictable, but, as the vaccination programme progresses, we anticipate that confidence will return and London’s magnetism as a global cultural and business centre will endure, supported by the recent UK-EU trade deal.” Quarterly rents down at Helical Helical has pocketed 81.8% of rent due in December, with an additional 10.6% to be collected under agreed deferment plans by the March quarter day. Of that balance, rent holidays have been granted on 3.5%, mainly to F&B occupiers. The landlord said this has left 4.1% “subject to ongoing discussions with tenants”. The landlord said the December quarter’s proportion of rent collection is slightly down on rents received in the September quarter, following the sale of three buildings in Manchester in November last year and the “impact of a tenant who, following the expiry of a rent-free period in October 2020, has yet to pay its rent”. LondonMetric shines LondonMetric Property has received 98% of £22.8m owed on the December quarter day, with a further 1% expected “imminently”. Rent collection at the landlord was high across all sectors for the quarter, with offices at 100%, distribution at 99%, long income at 98% and retail parks at 95%. The outstanding rent amounts to just over £0.2m, owing to a tenant collapsing into administration. The landlord said it has lined up Lidl as a replacement tenant and is in the process of securing vacant possession for the new letting. A further £0.9m of rent is due by 1 March under agreed monthly rental concessions. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette Photo: Helical’s development at 33 Charterhouse Street, EC1