Derwent London has seen an uptick in rent collection and is pushing ahead with re-gears on several leases.
The company has now collected 80% of the rent due for the September quarter, or £45.2m, ahead of the amount collected for the previous two quarters at the equivalent time.
The figure includes 83% of office rent and 40% of retail and hospitality rent. Some 8% of the total is due before the end of the year and 5% next year. Derwent has granted rent-free periods on 1% of rents.
The company has also received 84% of rents for the June quarter and 82% for the March quarter.
The company has now re-geared leases with tenants worth £8m, the majority of which had expiries or breaks due next year. Negotiations are ongoing over leases worth £6m in rent.
Derwent has also confirmed £1.9m of lettings struck since June, including Apollo Group at Soho Place W1, and UCL at 88-94 Tottenham Court Road, W1.
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