Goodman delivers over 367,000 sq ft of leasing transactions across UK business park portfolio
By Bridging Loan Directory -
Property Funds World has reported that the Global property group Goodman has completed 367,038 sq ft of leasing transactions across its UK Business Park Fund portfolio for the 12 months to 30 June 2011. The successful transactions equate to approximately GBP7.4m of rental income and represent an 8.2% increase in area on the prior year result.
The strong leasing results achieved are highlighted by a reduction in portfolio void from 11.2% to 8.5% and a 93% customer retention rate on lease expiries.
Goodman’s Managing Director for UK Business Parks, Jim Johnston, says: “In a challenging market, we have experienced a consistent string of lettings across our portfolio, significantly outperforming the previous year’s results. The upturn in occupier demand reflects a lack of supply of large Grade A space, and is being predominantly driven by business services, and information and communication technology sector companies.
“We are definitely seeing a flight towards quality, with occupiers no longer seeing cost as the primary driver for taking new space. Businesses are recognising that they still need to attract and retain high calibre staff in order to compete in their markets.
“Encouraged by returning confidence and appetite in the market, we are in detailed discussions on over 585,000 sq ft of development on our land bank of over 351 acres. Significantly, we are seeing the re-emergence of big pre-let developments, which has been the focus of our strategy and has yielded some of the market’s biggest deals at Central Park Manchester, and Oxford Business Park.”