(Alliance News) - Great Portland Estates PLC on Thursday said it has received planning permission for its City Place House redevelopment, with works beginning in January 2022 at the earliest.
The London-focused property investor and developer said the City of London Corp has granted planning permission for its next pipeline project, an office block redevelopment near to the Guildhall.
The office-led development includes a 13-storey 320,500 square foot office-led building designed by architects Allies and Morrison to meet the company's four "strategic sustainability pillars".
Chair of the Planning & Transportation Committee at the City of London Corp, Alastair Moss, said: "The new plans for City Place House are another striking example of the future of the Square Mile and the ongoing confidence in the City by urban developers. Ambitious office developments which consist of high quality, flexible office floorspace...are helping to cement the city's role as the world's leading business centre as we recover from the coronavirus pandemic."
Earlier this year, the company said its portfolio was valued at GBP2.46 billion at the end of March, down 8.7% on a like-for-like basis over 12 months - with offices down 1.7% and retail tumbling 27%. Rental values were down 4.0%, again driven by retail, while office rents actually saw a 0.5% increase.
IFRS net asset value per share was 779.00 pence at the end of March, down 10% over the past 12 months from 868p.
Despite some pandemic-related disruption to businesses across London - which resulted in declining rental collection, performance and valuations - the company maintained positive about the city's outlook.
"With a recovering market, our strong finances, a portfolio full of opportunity and a deeply talented and committed team, we can look to our future with confidence," the property developer's CEO said in May.
Shares in Great Portland Estates were trading down 0.7% at 704.50 pence each in London on Thursday afternoon.
By Scarlett Butler; scarlettbutler@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
