| |
Investment Management |
Asset Management |
Development |
| Highlights of the year |
- Crystallisation of high project returns at 208/222 Regent Street, W1 and 180 Great Portland Street, W1
|
- Consistent level of new
leases signed despite
challenging market
conditions
- Good rate of tenant
retentions across all
sectors and sizes
|
- The development
programme largely
completed ahead of the
worst of the downturn
- Successful project
management and leasing
the majority of office space
at our 112,800 sq ft Wells
& More development
|
Operational
performance measures |
- Sales made in year generated total receipts of £194 million (our share £103 million)
- Disposals were made at average values of less than 10% below 31 March 2008 book value
|
- 89 new leases completed
(2008: 85 leases)
generating £9.9 million
p.a. of new rent
- Rent reviews of £3.6 million (2008: £3.6 million) settled ahead of benchmark ERV
- Void rate of 7.8% at year end (2008: 3.2%) due to development related lease expiries
|
- Three practical
completions (2008: two)
- Total development leasing 79,000 sq ft (2008: 340,000 sq ft)
- Planning consents gained at three schemes (2008: one)
|
Our operational
priorities in action |
|
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