55 Gracechurch Street is another trophy asset to be built in the capital
It is a strange experience going into central London right now. Areas that are normally bustling with crowds or chaotic with commuters lie still – even Pret A Manger has reduced its menu and opening times. Those who live outside of Zone 1 and for whom memories of maroon coffee cups, the underground and the noise of other peoples’ keyboards are growing increasingly hazy, may find themselves wondering if London as they remember it is still even there. Investors in the London office market will be asking the same question.
Great Portland Estates has said the latest set of lockdown measures have overshadowed the positivity generated by the Brexit deal and COVID-19 vaccination roll-out.
In a trading update released this morning, chief executive Toby Courtauld said: “The surge of optimism following the UK approval and roll-out of the COVID-19 vaccines has been overshadowed by the return to more stringent lockdown measures across London.
“Whilst rental collection rates for the December quarter are ahead of September levels, building utilisation rates have greatly reduced once more and some sectors remain challenged. As expected, a number of our occupiers have been unable to meet their rental obligations and we continue to offer assistance on a case-by-case basis to support them through this difficult period.”
LONDON (dpa-AFX) - Great Portland Estates PLC (GPOR.L) issued its trading update for the quarter to 31 December 2020. The Group's December quarter rent collection was ahead of September levels.