Derwent London on course for strong second half
Derwent London has reported second-half lettings are already 10% ahead of December 2022’s ERV, thanks to deals in the Fetherstone Building and on Baker Street.
Letting activity for H2 to date totals £8.5m, with key transactions including Tide and Avalere Health taking 25,300 sq ft at the Featherstone Building, EC1, for £1.9m pa, and Moelis preletting 49,200 sq ft at 25 Baker Street, W1, for £4.9m pa.
Lettings for 2023 so far total £27.8m, 8.1% above the whole of December 2022’s ERV.
Derwent London has reported second-half lettings are already 10% ahead of December 2022’s ERV, thanks to deals in the Fetherstone Building and on Baker Street.
Letting activity for H2 to date totals £8.5m, with key transactions including Tide and Avalere Health taking 25,300 sq ft at the Featherstone Building, EC1, for £1.9m pa, and Moelis preletting 49,200 sq ft at 25 Baker Street, W1, for £4.9m pa.
Lettings for 2023 so far total £27.8m, 8.1% above the whole of December 2022’s ERV.
At the developer’s Brunel Building, W2, Paymentsense has increased its space by 150% to 82,600 sq ft, with the lease term extended to 2036, increasing the WAULT on these five floors by 5.8 years to 12.7 years.
Derwent London has also exchanged on four private homes at 25 Baker Street for £21.5m, with a further two under offer. The building is now 76% prelet or sold.
Chief executive Paul Williams said: “London’s diverse occupier base continues to prioritise quality, amenity and location. Our distinctive portfolio has benefitted from these trends with ongoing strong letting activity in H2, averaging 10% ahead of December ERV. The opening of our second customer lounge is well-timed to further reinforce our appeal. The investment market remains subdued, but our strong balance sheet positions us well for the opportunities ahead.”
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Image from Derwent London
