Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Great Portland Estates reports 9pc hike in property value

Property firm Great Portland Estates today said the value of its property rose by 8.7 per cent in the three months to 31 December 2009.

This represents its highest quarterly increase for three years and takes the value of the estate to £1.2 billion.

The value of property acquired rose even further, increasing in value by 9.5 per cent over the quarter.

Since the end of December, a third of Great Portland Estates’ empty space had been let or was under offer. “We have seen a pick up in enquiry levels from prospective occupiers for the limited amount of space we have available,” it said.

Chief executive Toby Courtauld said: “London’s investment markets have continued to strengthen since we reported in November, with a significant surfeit of buyers over sellers.

“With the take up of office space improving, we have seen isolated examples of rents rising. If the UK economy continues to recover, supporting occupational demand, we remain of the view that more general rental growth will return towards the end of this year as the supply of space to let diminishes.”

The company added that it was preparing to start work at three sites over the next few months, and could begin on many more over the coming three years.

“The Group’s exciting programme potentially stretches to 2.6 million sq ft across central London,” it said.