A leading property investment firm has announced that the value of its property assets have risen by an average of 15.5 per cent.
Property investment firm Great Portland has announced that the value of its assets has risen by 15.5 per cent in the last fiscal year.
The firm claims that this indicates the London commercial property market is improving, with the company remaining confident over the year ahead.
Rental returns were also promising, with Great Portland reporting that void levels fell by nearly half to 3.4 per cent, while the tenant retention rate was up to 71 per cent from 57 per cent in 2008-09.
The firm's chief executive Tony Courtland said: "London's property investment recovery gathered pace over the past six months, supported by the significant volume of capital competing for a limited number of assets.
"For the recent rise in capital values to be sustainable, further growth in rental values is important."
Great Portland's news follow a similar success story from
commercial development group Land Securities, who announced earlier this week that the net value of its assets had risen by 10.3 per cent.
Posted by Allan Flowers.
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