Great Portland's portfolio rose 3.1 per cent in value in the quarter to 30 June, its highest quarterly growth rate for at least a year. The West-End landlord was helped by an unusually strong market as well as some growth in rents.
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In June the group announced the purchase of a large site between Piccadilly and Jermyn St. Following the purchase of an adjacent site from fund manager Henderson, Great Portland now owns almost an entire block in St James's. Chief executive Toby Courtauld says it will be completely redeveloped over the next 10-15 years to achieve "super-profits". This should be a classic example of Great Portland's strategy of buying, refurbishing, infilling then selling, which works so well in the West End.
