Great Portland Estates Plc, the property developer focused on London’s West End district, revived its building plans on prospects of a recovery in rents.
The company will start an office project on Regent Street, refurbish a building on Oxford Street and convert a nearby office into an apartment block, Great Portland said today in a statement. It also reported a gain in property values and a lower vacancy rate.
Great Portland halted most of its projects in 2008 as the global financial crisis triggered a two-year slump in property values and rents. The company today predicted a recovery in rents in the second half because of a shortage of new space in the West End, the world’s most expensive office location. About 80 percent of Great Portland’s properties are located in the district, which has the city’s highest concentration of shops, theaters and restaurants.
“Supply is tight,” Chief Executive Officer Toby Courtauld said in a telephone interview. Marcol House on Regent Street “should be the first West End development to complete in 2012 and is going to be a real rarity.”
Bloomburg
Friday, 22 January 2010
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