Layout 1 (Page 1) - Peterborough Court

Recommendations

Info

70 PETERBOROUGH COURT & DANIEL HOUSE 133-140 FLEET STREET LONDON EC4 APPENDIX II LONDON’S MIDTOWN – A CASE FOR GROWTH Overview London’s Midtown is bounded by the City to the East, the West End to the West, Kings Cross to the North and the River Thames to the South. The Midtown market comprises three sub markets namely Bloomsbury, Covent Garden and City/Midtown totalling c. 32.8m sq ft (3m sq m) of office stock. Midtown’s occupier diversity means that it appeals to a variety of both occupiers and alternative users. It is therefore less susceptible to the reliance on a particular sector as is witnessed in other parts of the City Market and in the last downturn witnessed lower vacancy rates than both the City and West End. Over the previous cycle, rents in the Midtown sector outperformed all of the other City market sectors achieving highs of over £70.00 per sq ft (£753 per sq m). Take – Up Take-up in Q3 2010 hit a 3 year high, rising 48% over the quarter to 546,000 sq ft. This is 8% higher than the long-term Midtown average of 506,000 sq ft. Performance was driven by lettings of new Grade A and refurbished accommodation. Demand There is considerable forthcoming structural demand in the area. Jones Lang LaSalle have identified approximately 6m sq ft (557,413 sq m) of such events between now and 2015. The diverse occupier base has triggered a number of different requirements being identified.
Supply There was a marked reduction of 10% of Midtown supply in the third quarter of 2010. Availability fell from 3.2m sq ft to 2.9m sq ft, reducing the availability from 9.4% to 8.3%. The Grade A supply saw an even sharper reduction of 25% from 1.6m sq ft to 1m sq ft, as a response to healthy take-up. At present only 12,000 sq ft (1,114 sq m) of new and refurbished space is available in WC1, 27,000 sq ft (2,508 sq m) in EC1 and 126,000 sq ft (11,705 sq m) in Midtown EC4. Scheduled completions indicate that there is little more expected to replenish this stock over the next two years with only four known schemes in speculative construction set to provide 344,000 sq ft (31,958 sq m) in the next 12 months. Rents Rents continue to climb with prime City rents having comfortably broken through the £50.00 per sq ft (£538 per sq m) barrier and emerging evidence in the City core of rents achieving close to £60.00 per sq ft (£645 per sq m). With the Grade A vacancy rate standing at 2.4% across the City as a whole and little supply coming through in the short term, further rental increases appear inevitable with many forecasters anticipating continued rental growth and prime rents forecast to reach c. £67.50 per sq ft (£726 per sq m) by 2013. £PSF 71
Page 5 and 6:
PETERBOROUGH COURT & DANIEL HOUSE 1
Page 7 and 8:
INVESTMENT SUMMARY European Headqua
Page 12:
LONDON IS HOME TO FOUR WORLD HERITA
Page 16:
16 PETERBOROUGH COURT & DANIEL HOUS
Page 19 and 20: CITY THAMESLINK PWC DELOITTE AXA DE
Page 21 and 22: A THIRD OF THE WORLD’S LARGEST CO
Page 23 and 24: Peterborough Court - a monument to
Page 25 and 26: HEATHROW AIRPORT HANDLES 67 MILLION
Page 27 and 28: 6 1 | New Street Square Land Securi
Page 29 and 30: MIDTOWN HOSTS THE ROYAL COURTS OF J
Page 31 and 32: Fleet Street today - vibrancy epito
Page 34: 34 PETERBOROUGH COURT & DANIEL HOUS
Page 41 and 42: PETERBOROUGH COURT GROUND FLOOR Off
Page 43 and 44: PETERBOROUGH COURT FIFTH FLOOR PETE
Page 47 and 48: Air Conditioning Fully air conditio
Page 50 and 51: 50 PETERBOROUGH COURT & DANIEL HOUS
Page 57 and 58: TENURE The property is held freehol
Page 69: Arbitration If there is no agreemen
show all

Layout 1 (Page 1) - Peterborough Court

Create successful ePaper yourself

Delete template?

Save as template?