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Evening Standard
Evening Standard
Business

Derwent London cheers Premier League office letting as rents climb

New tenants including the Premier League and Sony helped landlord Derwent London shrug off Brexit uncertainty with a surge in lettings over the summer, the firm said on Thursday.

The firm tempted the pair to its Brunel Building scheme in Paddington, which will be finished early next year and benefit from Crossrail’s proposed opening later in 2019.

The signings bring total lettings this year to £23 million, almost double the £11.8 million announced in August and at rents well above last December’s valuations.

Chief executive John Burns said just 2.3% of its space is vacant as Derwent benefits from a lack of offices elsewhere despite poltical uncertainty.

“People are getting on with life,” he said. “There’s not a big choice for decent space which is in our favour because people are not sitting on their hands.”

Derwent also has £350 million to spend on any bargains which might crop up, he added.

Shares rose 56p, or 2%, to 3120p

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