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Great Portland set to expand estate by over 50pc in development push

Developer Great Portland has a total of 24 current and potential developments, which could add over 400,000 sq m to its estate - an increase of 53 per cent, it revealed to the Stock Exchange today.

The firm is currently developing two sites in the City of London and has a further seven schemes, which could start by the end of 2011, adding 150,000 sq m.

In addition to this, its pipeline includes another 15 developments, which could add 250,000 sq m.

Along with these details, the firm updated the market on the value of its portfolio, which increased by 4.6 per cent in the three months to the end of June.

This increase was caused primarily by higher rental values in central London.

Chief executive Toby Courtald said: “London’s property investment markets continued to recover during the quarter although at a lesser pace than the unsustainably high rates of the previous two quarters.  We expect this less urgent mood to persist for the balance of the year with investors looking to rental growth to support further price increases.

“Whilst we expect sentiment to remain relatively volatile in the near term, looking two or three years ahead, we maintain our confidence in London as a global financial centre.  With a prospective supply/demand balance that favours the landlord, we can expect rents to rise over this timescale.”