Great Portland Estates unveils huge development programme

Developer Great Portland Estates is preparing a pipeline of 2.2m ft² offices to start construction within the next 15 months, it said today.

The firm, which gave an update to the city this morning showing the value of its property up 3.8% in the last quarter, said it has eleven schemes which make up the 2.2m ft² pipeline.

These are in addition to the five schemes currently has on site, and a further ten projects that are more longer term. In total it said its development pipeline held 3.1m ft², half the size of its existing portfolio.

It said it had started demolition of 100 Bishopsgate Partnership, in joint venture with Brookfield, and was about to commence a pre-lettings campaign. It added that it was continuing to prepare schemes at Walmar House, Regent Street, W1, 240 Blackfriars Road, SE1, Fetter Lane, EC4 and City Tower, Basinghall Street, EC2 for potential starts over the next 12 months.

Toby Courtauld, chief executive, said: “Investor demand for central London commercial property continued unabated during the quarter and with limited supply, we expect much of it to remain unsatiated for some time to come. A key mainstay behind this demand is investor expectations for further rental growth as the supply of available space to let falls faster than its rate of replenishment.

“We remain confident that our well located portfolio, supplemented by our exceptional near-term development programme will enable us to continue to generate attractive returns to shareholders.”