GREAT Portland Estates (GPE) yesterday reported an 18 per cent surge in the value of its portfolio over the year, thanks to London’s booming property market.
The developer’s net asset value per share rose by 24.6 per cent to 709p over the year to 31 March while profit before tax was up 17.4 per cent to £45.1m.
Great Portland is currently on site at six schemes including Rathbone Square, the former Royal Mailsite and 73/89 Oxford Street, which has been pre-let to fashion retailer New Look for a new flagship store. The value of its developments rose by 28.2 per cent.
Rents grew by 10 per cent over the year as space in the capital remains in demand by in short supply, with vacancy rates falling to two per cent from 3.7 per cent.
Chief executive Toby Courtauld said: “With a deep and talented team, plentiful low cost finance and supportive market conditions, we are confident that we will continue generating attractive returns for shareholders.”