When it reports full-year results on Wednesday, Great Portland Estates (GPOR) should show evidence of the frenetic level of demand for prime office space in central London. With average rents of around £42 per sq ft - significantly lower than the average for newly refurbished space - the West-End developer has significant opportunities to improve rental income.
IC TIP:
Hold
at
665p
The development pipeline looks promising, including Walmar House in Blackfriars Road and the ex-Royal Mail site at Rathbone Place. The latter is especially well located to take advantage of the arrival of the Crossrail rail link in 2018. All this comes at a time when there is a constrained supply of new office space in central London.
