Feb 27, 2025 / 08:30AM GMT
Paul Williams Derwent London PLC-Chief Executive Officer
Turning to slide 2 in our highlights from 2024.
A key theme over the last 2 to 3 years has been one of the strong occupational market for high-quality central London offices. In 2024, we had another successful year for lettings at GBP18.9 million for new rents signed with open market lettings more than 12% above ERV. 2023 transactions were dominated by the initial pre-lets at 25 Baker Street, where the office is now fully pre-let, but in 2024, we saw strong activity across all our villages at different price points.
At 4.3%, ERV growth was the strongest since 2016. This is now driven a further significant uplift in our reversion. Our EPRA vacancy rate reduced by a further 90 basis points to 3.1%. Our business model is based on regeneration, investing GBP150 million to GBP200 million each year. Our on-site projects, both of which are progressing on time and on budget, increase value by over 15%. This, again, has supported an attractive total property return outperformance compared to our index.
At network we have
Full Year 2024 Derwent London PLC Earnings Call Transcript
Feb 27, 2025
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