DERWENT London yesterday reported better-than-expected half year results, buoyed by strong demand from tech and media firms queuing to take up space in the West End.
The developer, which owns swathes of property across Victoria, Fitzrovia and Shoreditch, said it achieved a 4.1 per cent rise in net asset value to 1,770p per share in the first half of the year, driven by a rental growth of 2.8 per cent.
Its vacancy rate remained low at 1.1 per cent, driven by strong demand for space, particularly from the TMT sector.
Chief executive John Burns said that given strong demand in central London and limited supply, the group was stepping up its development programme.
The group has seven projects underway – including an office block in Victoria for Burberry – of which 35 per cent is pre-let.
Derwent has also appointed former banker Simon Fraser to join its board as a non-executive director in September.