Derwent picks up rent collection and re-gears leases

Derwent London has seen an uptick in rent collection and is pushing ahead with re-gears on several leases. The company has now collected 80% of the rent due for the September quarter, or £45.2m, ahead of the amount collected for the previous two quarters at the equivalent time. The figure includes 83% of office rent and 40% of retail and hospitality rent. Some 8% of the total is due before the end of the year and 5% next year. Derwent has granted rent-free periods on 1% of rents. The company has also received 84% of rents for the June quarter and 82% for the March quarter. The company has now re-geared leases with tenants worth £8m, the majority of which had expiries or breaks due next year. Negotiations are ongoing over leases worth £6m in rent. Derwent has also confirmed £1.9m of lettings struck since June, including Apollo Group at Soho Place W1, and UCL at 88-94 Tottenham Court Road, W1.   To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette