Derwent London PLC (LON:DLN) said it is to push ahead with a major redevelopment in the centre of the Capital in spite of the new coronavirus lockdown coming into force today.
The new site is 19-35 Baker Street, where construction will start on a 293,000 square foot development in the second half of 2021.
Paul Williams, Derwent London's chief executive, said in a statement that: “The significant operational progress made in the third quarter and the Group's strong financial position give us the confidence to commit to our next major development at 19-35 Baker Street."
Derwent added that it has also pre-let 61% of Soho Place and the Featherstone Building, which are due for completion in the first half of 2022.
Rent collection for the September quarter had improved to 86% from 80% ass at October 13, 2020, with office tenants now 89% paid up it said.
Leases worth £16mln has been extended since June with a further £5mln under review, the company added.
Net debt at the end of the period was £1bn, with a loan-to-value ratio of 17.3mln and cash and undrawn facilities of £495mln.