Newspaper article The Evening Standard (London, England)

Crossrail Helps Great Portland to Buck Recession

Newspaper article The Evening Standard (London, England)

Crossrail Helps Great Portland to Buck Recession

Article excerpt

Byline: Russell Lynch

GREAT Portland Estates' bet on a Crossrail boom in London paid yet more dividends today as the firm clocked up further gains on its property in the capital.

Rising valuations for new developments, including a 10% gain for its huge 200,000 sq ft Hanover Square overhaul above Bond Street's Crossrail station, pushed up the valuation of its portfolio in the capital by 3.1% to [pounds sterling]2.1 billion in the three months to June 30.

GPE, which gained planning permission for the scheme last year, is mainly focused in the West End, where office space is in short supply.

The company saw rents grow 0.9% over the quarter in the West End while its share of empty space among its portfolio fell to 2.7%.

Chief executive Toby Courtauld has been a wheeler-dealer in the London property market in recent months, buying [pounds sterling]159 million in property and selling [pounds sterling]140.5 million. Another [pounds sterling]261 million is up for sale, the funds from which will be ploughed into its development pipeline. …

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