Business
Q1 2023 Business Update
Q1 2023 Business Update.
About this update from Derwent London Plc
[{"type":"text","content":"\n\n \n\n4 May 2023\nDerwent London plc (\"Derwent London\" / \"the Group\") FIRST QUARTER BUSINESS UPDATE\nSTRONG OPERATIONAL PROGRESS\n Paul Williams, Chief Executive of Derwent London, said:\n\"London, particularly the West End, is busy and people are back in the office. Occupier demand continues to favour amenity-rich, well designed and sustainable space, evidenced by a strong Q1 with £17.1m of new lettings across our portfolio on average 6.6% above ERV. Our EPRA vacancy rate has reduced to 4.9% and we have made good progress at our on-site developments.\"\nSummary\nPortfolio\n· Letting activity in Q1 totalled £17.1m at an average 6.6% above December 2022 ERV. Key transactions in the period were:\no One Oxford Street W1 - 22,200 sq ft flagship retail letting to Uniqlo\no 25 Baker Street W1 - 106,100 sq ft pre-let to PIMCO two years ahead of completion\no The Featherstone Building EC1 - 31,100 sq ft letting to Buro Happold\n· EPRA vacancy rate reduced to 4.9% at 31 March 2023 (31 December 2022: 6.4%)\n· Disposal in January of 19 Charterhouse Street EC1 for £53.6m (after costs), £0.6m above December 2022 book value\nDevelopments\n· Following the pre-let to PIMCO, 25 Baker Street W1 is 56% pre-let or sold and construction works are now above ground (completion due H1 2025)\n· At Network W1, demolition and piling are now complete and basement works are underway (completion due H2 2025)\nFinancial position at 31 March 2023\n· EPRA LTV 23.1%1 (31 December 2022: 23.9%)\n· Cash and undrawn facilities of £610m (31 December 2022: £577m)\n1 LTV based on 31 December 2022 property values and includes the Group's share of joint ventures\n \nFor further information, please contact:\n \n\n\n\nDerwent London\nTel: +44 (0)20 7659 3000\n \n\n\nPaul Williams, Chief Executive\nDamian Wisniewski, Chief Financial Officer\nRobert Duncan, Head of Invest...