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Our priorities have been adjusted to face the market

Our operational priorities

Since the start of the real estate market downturn in 2007 our priorities have been:
Capital conservation
Cash flow generation
Maintaining close tenant relationships

Our teams are organised in three areas to maximise efficiency and focus on our key operational priorities:

  Investment Management Asset Management Development
Highlights of the year
  • Crystallisation of high project returns at 208/222 Regent Street, W1 and 180 Great Portland Street, W1
  • Consistent level of new leases signed despite challenging market conditions
  • Good rate of tenant retentions across all sectors and sizes
  • The development programme largely completed ahead of the worst of the downturn
  • Successful project management and leasing the majority of office space at our 112,800 sq ft Wells & More development
Operational
performance measures
  • Sales made in year generated total receipts of £194 million (our share £103 million)
  • Disposals were made at average values of less than 10% below 31 March 2008 book value
  • 89 new leases completed (2008: 85 leases) generating £9.9 million p.a. of new rent
  • Rent reviews of £3.6 million (2008: £3.6 million) settled ahead of benchmark ERV
  • Void rate of 7.8% at year end (2008: 3.2%) due to development related lease expiries
  • Three practical completions (2008: two)
  • Total development leasing 79,000 sq ft (2008: 340,000 sq ft)
  • Planning consents gained at three schemes (2008: one)
Our operational
priorities in action